Gold prices surge as 916 breaks RM700, 999 hits RM750 per gram

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By DayakDaily Team

KUCHING, Jan 27: Gold prices in Malaysia have surged, with local market listings showing 916 gold exceeding RM700 per gram and 999 gold trading at around RM750 per gram according to social media price boards, attracting heightened attention from both consumers and investors.

The strong gains come as analysts forecast further upward momentum in gold prices, supported by a softer US dollar and the strengthening of the ringgit, Bernama reported on Monday (Jan 26) citing market experts.

According to the national news agency, the physical price of gold stood at RM627.39 per gram as of 9.30am on Monday (Jan 26), up from RM612.30 late last week, while the ringgit strengthened to 3.9665 against the US dollar — its highest level since May 2018.

SPI Asset Management managing partner Stephen Innes told Bernama that global fiscal stress and currency dynamics are key drivers of elevated gold prices. If these trends persist alongside ringgit strength, he said, local gold prices could move toward RM700 per gram in the near term.

Bank Muamalat Malaysia Bhd’s chief economist Dr Mohd Afzanizam Abdul Rashid also told Bernama that traders and investors increasingly see precious metals like gold as safe-haven assets amid market uncertainties, further underpinning the bullish trend.

Globally, gold futures have also hit record levels, with February gold on the New York Comex exchange exceeding US$5,000 per troy ounce for the first time, Bernama reported.

Jewellery retailers locally said the price surge has prompted some consumers to sell existing holdings to capitalise on high prices, while others are refraining from new purchases until prices stabilise.

Analysts expect gold prices to remain volatile, tracking global economic developments, currency shifts, and investor sentiment. — DayakDaily

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