Editor’s Note
This article reports on a significant surge in local gold prices, with 916 gold jewelry now at RM700 per gram and 999 pure gold at RM750 per gram. The increase is attributed to ongoing volatility in the international market.
Effective immediately, the price of local 916 gold jewelry has returned to RM700 per gram. The price of 999 pure gold has been adjusted to RM750 per gram.
The international precious metals market experienced sharp fluctuations again today (5th). After spot gold broke above $5,000 per ounce yesterday, it retreated and hovered around $4,800 today. The local retail price was raised by RM30 per gram within just three days.
Spot silver fell by as much as 16%, breaking below the $80 per ounce mark. It is currently trading around $76, down over 10%, indicating significantly intensified selling pressure across the broader market.
According to a Reuters report, gold and silver fell significantly during Wednesday’s trading, primarily influenced by a stronger US dollar and cooling safe-haven demand.
Analysis suggests that the recent sharp fluctuations in precious metal prices indicate the market has entered a phase of technical correction. Profit-taking by some investors has further intensified short-term downward pressure.
Last Friday, gold prices experienced their worst single-day drop since 2013, with prices falling over 10% at one point. Silver prices fell about 36% in a single day, marking their largest single-day decline since 1980.