Malaysia · MYR · September 2024
Gold Price in Malaysia — September 2024
In September 2024, the gold price in Malaysia closed at approximately RM11,911 per troy ounce, equivalent to RM4,467 per tola or RM383 per gram. This represents a +3.72% change on the month (RM11,484 open → RM11,911 close).
Open
RM11,484
per troy ounce
Close
RM11,911
per troy ounce
High
RM11,999
per troy ounce
Low
RM11,171
per troy ounce
All unit prices at September 2024 close — Malaysia
| Unit | Weight | Closing MYR price |
|---|---|---|
| Troy ounce | 31.1035 g | RM11,911 |
| Gram | 1.0000 g | RM383 |
| 10 grams | 10 g | RM3,830 |
| Kilogram | 1,000 g | RM382,952 |
| Tola | 11.664 g | RM4,467 |
Karat-purity breakdown at September 2024 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24KMALAYSIA STD | RM383 | RM4,462 |
| 22K | RM351 | RM4,092 |
| 21K | RM335 | RM3,908 |
| 18K | RM287 | RM3,350 |
| 14K | RM224 | RM2,613 |
| 10K | RM160 | RM1,863 |
Daily gold price in MYR — September 2024
September 2024 gold market: Fed's jumbo cut supercharges gold
BullishAn outsized Fed cut sent gold sprinting past $2,600.
The Federal Reserve began its easing cycle with an outsized 0.50-point cut on September 18, and gold surged past $2,600. Lower rates reduce the opportunity cost of holding non-yielding gold, and the market wasted no time pricing in more cuts to come.
The September cut mattered less for its size than for what it confirmed: the rate-cut thesis that had powered gold all year was now real, not just anticipated. Falling policy rates lower the 'opportunity cost' of holding gold — the yield an investor gives up by owning metal instead of bonds. With the Fed now easing into a still-resilient economy, gold's two biggest tailwinds, falling real yields and a softer dollar, were reinforcing each other.
What drove gold in September 2024
- Fed begins easing with a 50bp cut (Sep 18)
- falling real yields
- weaker dollar
- momentum and ETF inflows returning
Key events in September 2024
- Sep 18Fed cuts rates 50bp; gold pushes past $2,600
What happened next
Gold extended to records above $2,700 in October before the US election.
For gold buyers in Malaysia
September's jumbo cut validated the rate-cut thesis that had driven gold all year — the easing cycle had finally begun.
Key terms this month
- Opportunity cost:
- The return given up by choosing one asset over another. Lower interest rates reduce the opportunity cost of holding non-yielding gold.
Related months to read
The 2024 gold market: Above $2,500 — breakout to new highs
2024 saw gold break decisively above $2,000 and reach $2,790 by year-end. Central-bank buying continued at record pace. Geopolitical tensions (Middle East, Ukraine) and Fed rate cuts beginning in September drove the rally. Year close: $2,624.
Key drivers in 2024
Fed cuts begin, central-bank buying records, BRICS expansion, Middle East tensions, USD weakness
2024 XAU/USD high
$2,790 (Oct)
2024 XAU/USD low
$1,991 (Feb)
Era context — The modern bull market (2019 to today)
Gold's second major bull market of the 21st century. Driven by COVID stimulus, Russia sanctions, central-bank accumulation at record levels, and the structural shift toward a multi-polar reserve system. New all-time highs reached repeatedly since 2020.
The Malaysia gold market
Malaysia's retail gold market quotes per gram and is concentrated in Kuala Lumpur, Penang and Johor Bahru. Public Gold and Public Bank both offer accumulation accounts that have grown in popularity. The country exempts investment-grade gold from SST (Sales and Service Tax).
Standard quote unit
gram
Common purity
24K
Currency
MYR (RM)
Daily gold price — September 2024, Malaysia
RM11,484
$2,570.55/oz
RM11,202
$2,507.33/oz
RM11,198
$2,506.35/oz
RM11,171
$2,500.35/oz
RM11,274
$2,523.53/oz
RM11,300
$2,529.30/oz
RM11,202
$2,507.27/oz
RM11,204
$2,507.74/oz
RM11,254
$2,518.89/oz
RM11,299
$2,529.09/oz
RM11,438
$2,560.13/oz
RM11,554
$2,586.16/oz
RM11,570
$2,589.72/oz
RM11,570
$2,589.72/oz
RM11,558
$2,587.02/oz
RM11,617
$2,600.29/oz
RM11,593
$2,594.95/oz
RM11,731
$2,625.79/oz
RM11,772
$2,634.91/oz
RM11,772
$2,634.91/oz
RM11,904
$2,664.38/oz
RM11,932
$2,670.61/oz
RM11,999
$2,685.64/oz
RM11,948
$2,674.38/oz
RM11,911
$2,666.05/oz
RM11,911
$2,666.05/oz
How Malaysia gold prices are calculated on this page
Source. The international XAU/USD spot price comes from gold-api.com's historical archive (London PM-fix benchmark). The MYR/USD exchange rate comes from exchangerate-api.com's 2024 year-end snapshot.
Conversion. Every MYR figure on this page is computed as XAU/USD price × MYR/USD rate. We use the year-end exchange rate consistently across all September 2024 prices on this page.
Per-unit math. Per-gram = per-ounce ÷ 31.1035. Per-tola = per-gram × 11.664. Per-10g = per-gram × 10. Per-kilo = per-gram × 1000. Karat values multiply per-gram by the purity ratio (24K = 0.999, 22K = 0.916, 21K = 0.875, 18K = 0.750, 14K = 0.585, 10K = 0.417).
What this page does NOT include. Local sales tax / VAT, customs duty on imports, dealer making charges, jewellery design premiums, or coin numismatic premiums. To go from this pure-metal value to a final retail rate in Malaysia, add the country-specific levies described in the “Malaysiagold market” section above.
FAQ — Malaysia gold price in September 2024
What was the gold price in Malaysia in September 2024?
In September 2024, gold in Malaysia opened at RM11,484/oz and closed at RM11,911/oz — a move of +3.72% on the month. Per tola: ≈RM4,467; per gram: ≈RM383; per 10g: ≈RM3,830.
What was the 24K gold rate per tola in Malaysia in September 2024?
The 24K gold rate per tola in Malaysia at the September 2024 close was approximately RM4,467, derived from international XAU/USD spot of $2,666.05/oz times the 2024-end MYR/USD exchange rate of 4.4677. This is pure metal value; final retail rates include local taxes and dealer making charges.
What was the 24K gold rate per gram in Malaysia in September 2024?
Malaysia's most-quoted retail standard is 24K per gram. At the September 2024 close, that worked out to approximately RM383 (24K pure-metal value). Add local taxes and making charges for the final retail rate.
How was the local currency price calculated?
MYR prices on this page are computed from the verified international XAU/USD spot price for September 2024 (sourced from gold-api.com), multiplied by the 2024-end MYR/USD exchange rate from exchangerate-api.com. We use year-end rates as a single reference point for the entire month — for most stable currencies the within-year FX drift is small, but during currency crises (PKR 2022–23, TRY 2022, ARS 2024 etc.) the actual mid-month rate may differ.
Why does the retail price in shops differ from this number?
The RM figures here represent the international gold spot price converted to MYR at the 2024-end exchange rate. Malaysia's retail jewellers add (1) import duties and sales tax (varies by SKU and karat), (2) dealer making charges (typically 3–12% of metal value), and (3) a small premium for purity certification on bars. Always verify the exact day's retail rate with a reputable local dealer before transacting.
How did the September 2024 Fed cut affect gold?
The Fed's larger-than-usual 0.50-point rate cut on September 18, 2024 lowered the opportunity cost of holding gold and weakened the dollar, helping push prices above $2,600 per ounce.
Want today's rate in Malaysia? See live gold prices in Malaysia with minute-by-minute updates and per-karat breakdowns.
Different month or year? Use the prev / next buttons above, or jump to the full 2024 archive or the USD-only September 2024 page with the country-by-country list at the bottom.
Other markets? Compare September 2024 prices across other major gold-trading countries: Indonesia, Singapore, Thailand, Philippines, Vietnam, Brunei.
Disclaimer: Historical gold prices on this page reflect the international XAU/USD spot price for the requested period, converted to MYR at the 2024-end exchange rate. They are intended for informational and educational use only and do not constitute investment advice or a price quote for buying or selling physical gold today. Always verify current local rates with a reputable bullion dealer in Malaysia before transacting.