Malaysian Ringgits 24 Hour Spot Gold and Silver Price
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Gold Price Malaysia
The country of Malaysia is located in Southeast Asia. The nation consists of 13 states and three federal territories. The country is separated into two similar-sized regions by the South China Sea known as Peninsular Malaysia and East Malaysia. The capital city of Malaysia is Kuala Lumpur, although the country’s government is based in the city of Putrajaya. Malaysia has a population of over 30 million, making it the 44th most populous country. The nation has some of the most diversified wildlife on the planet and most of its land is covered by rainforest.
The official currency of Malaysia is the Malaysian Ringgit. Like many other major global currencies, the ringgit can be subdivided into 100 smaller units of currency known as sen. The Malaysian currency was introduced in 1967 by the then-new central bank, the Bank Negara Malaysia. The ringgit was pegged to the U.S. Dollar from 1998 until 2005. The ringgit also became non-tradeable outside of Malaysia in 1998 to prevent money from leaving the country. The Malaysian central bank announced in 2005 that the ringgit would no longer be pegged to the dollar, but rather it would be allowed to operate in a managed float against several major currencies. The decision to remove the dollar peg came immediately after China elected to remove the renminbi peg to the dollar.
If you are looking to buy gold in Malaysia, you will likely see gold prices quoted in the local currency. Many major markets also have prices readily available in other key global currencies such as U.S. Dollars, Japanese Yen, euros or Great British Pounds. Although some other measures exist, gold is typically quoted by the ounce, gram or kilo.
The Malaysian Kijang Emas is the official gold bullion coin of Malaysia and is minted by the Royal Mint of Malaysia. It was first issued in 2001, and made Malaysia one of a dozen nations to issue its own gold bullion coin. Some other countries that have done so include Australia, Canada, the U.S., South Africa and more. The coin has a purity of 999.9 percent fine gold, and comes in various denominations. There are three weights available, ¼, ½ and 1 ounce.
The coin’s obverse features a barking deer (“kijang”) in its natural Malaysian habitat. The obverse also features the coin’s weight, purity and mint year as well as the words “BANK NEGARA MALAYSIA and KIJANG EMAS.” The reverse features the hibiscus, Malaysia’s national flower. The reverse also features the coin’s face value as well as the words “BANK NEGARA MALAYSIA” in Arabic script.
Bullion coins can be a great way to build a significant portfolio of gold. Although they may have higher premiums compared to bullion bars, coins are considered good, legal tender and often feature very detailed and visually appealing designs. Coins can also be easily stored in a safe, bank safe deposit box or in a depository. A potential per-ounce cost savings may also be available for bulk coin purchases.