Malaysian Gold Prices Plummet to Two-Day Low

Gold prices in Malaysia decreased on July 24 compared to the previous day's rates. According to data compiled by FXStreet, gold now costs 530.45 Malaysian Ringgits (MYR) per gram, down from MYR 533.01 on Thursday. The price of gold also dropped to MYR 6,187.02 per tola from MYR 6,216.88 a day earlier.

The World Gold Council reported that central banks added 1,136 tonnes of gold worth around $70 billion to their reserves in 2022, the highest yearly purchase since records began. Central banks from emerging economies such as China, India, and Turkey are increasing their gold reserves quickly.

Gold has an inverse correlation with the US Dollar (USD) and US Treasuries, which are major reserve and safe-haven assets. When the USD depreciates, gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times.