By DayakDaily Team
KUCHING, Oct 18: Gold prices in Malaysia have seen significant fluctuations throughout mid-October 2024, reflecting the broader global market trends.
As of Oct 18, according to DayakDaily’s observations, based on goldrate.com, the price of 24K gold (999 purity) is approximately RM418 per gramme, while 22K gold (916 purity) is trading at RM383 per gramme.
Notably, on Oct 17, the price of 24K gold surged to RM430 per gramme, and 22K gold was recorded at RM410 per gramme.
These prices are consistent across multiple outlets, including Turbo Jewellery and Kedai Emas Wan Mei, according to recent local shop listings.
The prices for other popular gold purities are as follows: 22K (916) gold is priced at RM 410.00 per gramme, while 18K (835) gold stands at RM 343.00 per gramme.
According to a news report by The Edge Malaysia, BMI, a unit of Fitch Solutions, has raised its 2024 gold price forecast from US$2,250 per ounce to US$2,375 per ounce.
The firm anticipates gold prices to trade within the range of US$2,500 per ounce to US$2,800 per ounce in the coming months, according to its report released on Thursday (Oct 10).
“This marks a departure from the US$1,943 per ounce average seen in 2023.
“We are now neutral to bullish towards gold for 4Q2024-1Q2025, as prices receive support from the US Federal Reserve’s (Fed) rate cuts and high levels of geopolitical tension,” it was quoted as saying.
BMI predicts that this upward trend will persist, with average gold prices expected to reach US$2,500 per ounce in 2025.
In Malaysia, local buyers often see some variation in retail prices due to additional factors such as goldsmith making charges, which can range between 5 per cent and 15 per cent depending on the intricacy of the design.
With gold prices hovering near year-high levels, both investors and consumers are closely watching the market to determine the best time for buying or selling. — DayakDaily
