Gold Price in Malaysia Today

Emas 916 and emas 999

In Malaysia, jewelry is overwhelmingly 916 gold (22 karat), while 999 gold (24 karat) is sold for savings as bars, wafers, coins and some chuk kam jewelry. Shops post both rates per gram, and many also list 750 for diamond work.

The prices at the top of this page are the international rate in ringgit. A kedai emas (gold shop) will quote its own selling and buying rates per gram for 916 and 999, typically with a spread between them, and adds workmanship on jewelry.

Why 916 dominates

At 91.6% gold, 916 is hard enough for daily-wear bangles and chains yet close enough to pure gold to hold its value. Both Malay and Indian jewelry traditions settled on it, and the buyback market is built around it, which makes 916 pieces easy to sell or exchange anywhere in the country.

999 jewelry is softer and scratches and bends more easily, which is why chuk kam pieces tend to be simple, heavy designs. Shops quote harga jual, the price they sell at, and harga beli, the price they pay you, for each grade.

For the 22K value in dollars, see the 22K gold price.

Upah: how a Malaysian shop prices a bangle

The bill has two parts: gold weight × the day’s 916 rate, plus upah, the workmanship charge. Upah may be per gram or per piece, and it is the number worth negotiating. Shops often run promotions on upah during festive seasons while the gold rate stays tied to the market.

Worked example

1. A 916 bangle weighs 15.2 g.
2. At an example 916 rate of RM 400 per gram (for illustration only), the gold is worth RM 6,080.
3. Upah at an example RM 30 per gram adds RM 456.
4. The total is RM 6,536 before any promotion.

If you sell the bangle back, expect to receive the metal value at the shop’s buying rate, not the upah. Exchanging for a new piece in the same shop usually gets a better rate than a cash sale.

Checking a bill against the board

• The weight should be shown to at least two decimals of a gram.
• The gold rate on the bill should match the 916 or 999 rate on the board that day.
• Upah should be shown separately, either per gram or as a total.
• The receipt should state the grade so the piece can be sold back easily.

Converting the dollar price to ringgit

Multiply the dollar ounce price by the ringgit per dollar and divide by 31.1035 for a gram of pure gold. For 916, multiply the result by 0.916. The dollar input is today’s gold price per ounce.

Kijang Emas, festivals and zakat on gold

The Kijang Emas is Malaysia’s official gold bullion coin, issued by Bank Negara Malaysia since 2001 in 999.9 gold in 1 oz, ½ oz and ¼ oz sizes. It is named after the golden barking deer shown on it. Bank Negara publishes daily buying and selling prices based on the international gold price, and the coins are sold and bought back through appointed banks.

A 1 oz Kijang Emas holds 31.1 g of 999.9 gold, so its value is close to 31.1 times the 999 gram rate, plus a premium that is highest on the ¼ oz size. Checking a bank’s Kijang price against that figure shows the premium you are paying.

Gold investment accounts

Banks offer gold investment accounts that track the gram price without physical delivery, including Islamic accounts. Bank Negara’s Shariah Advisory Council has issued parameters for gold trading so that such products meet Islamic requirements, such as immediate settlement of the exchange.

• Small 999 wafers from 1 g upward are popular as gifts.
• Accounts avoid storage but carry a buy-sell spread.
• Coins and wafers resell closest to the published rate.

Some banks and licensed platforms also let customers buy fractions of a gram through mobile apps. Before using one, check that the provider is licensed and that you can convert holdings into physical gold or cash on clear terms.

Pure gold in dollars is on the 24K gold price page.

Festivals and weddings in a multi-cultural market

Malaysia’s gold calendar reflects its communities. Malay families buy for Hari Raya and weddings, where gold jewelry is often among the gifts exchanged between families. Chinese Malaysians buy chuk kam for Chinese New Year and for weddings, including dragon and phoenix bangles. Indian Malaysians buy 916 for Deepavali, for weddings and for the thali.

Each group favors different designs, but the 916 and 999 rates are the same across the counter. Shops in Kuala Lumpur, Penang and Johor Bahru post the same kind of board, and prices differ mostly in upah.

Malaysia is also a small gold producer. Raub in Pahang grew up as a gold-mining town in the late 19th century, and mining continues in parts of Pahang and Kelantan. Local output is small next to consumer demand, so shop prices are set from the international price.

Zakat on gold

Muslim Malaysians pay zakat on gold through state religious councils. The nisab is commonly set with reference to 85 g of gold. Each state also sets an uruf, an amount of jewelry that is worn and exempt, and the figures differ from state to state, so check your state zakat authority.

Pawning, scams, mistakes and a glossary

Gold is a common theme in investment schemes that promise fixed returns. Bank Negara publishes a Financial Consumer Alert list of unlicensed entities, and it is worth checking before putting money into any gold scheme that is not simple buying and selling.

• Be wary of schemes promising guaranteed monthly returns on gold.
• Check the 916 or 999 stamp and ask for a receipt with weight and purity.
• Compare the buying rate as well as the selling rate before choosing a shop.
• Do not compare a 999 rate with a 916 price; the gold content differs by about 8%.

Pawning gold: conventional and Ar-Rahnu

Pawning is common in Malaysia. Conventional pawnshops are licensed under the Pawnbrokers Act 1972, while Ar-Rahnu is an Islamic pawn scheme offered by banks and cooperatives, which charges a safekeeping fee instead of interest. In both, the lender tests and weighs the gold, offers a loan worth part of its value, and returns the gold when the loan is repaid.

For gram-based math in dollars, see the gold price per gram.

Tax treatment of jewelry and investment gold should be checked with current rules, since Malaysia’s sales tax scope has changed over the years.

Short glossary for Malaysian gold

• Emas: gold.
• Kedai emas: gold shop.
• 916: 22 karat, the jewelry standard.
• 999: 24 karat, for bars, wafers and chuk kam.
• Upah: workmanship charge.
• Kijang Emas: Bank Negara’s bullion coin.
• Uruf: the zakat exemption for worn jewelry set by each state.
• Harga jual and harga beli: the shop’s selling and buying prices.
• Ar-Rahnu: Islamic pawnbroking.

Most Malaysian gold is sold in grams, and receipts show weight to two decimals. When comparing shops for a heavy piece, compare the total bill rather than the per-gram rate alone, because upah can be quoted in different ways.

Across the causeway, see the Singapore gold price.

Other currencies are listed on the gold price by country page.