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MGA urges government to remain the competitiveness of Malaysia for international gold trade including Domestic gold jewelry consumption by having reasonable HVGT threshold at RM50k and 5%

Published on: 10 March 2024

Steeped in culture and history, gold jewellery is constantly in demand among the people in ASEAN countries, Malaysia has for instance has been predominantly a gold jewellery market for decades. We have also been a major exporter of gold jewellery. Prior to the Covid-19 pandemic, gold jewellery manufacturing in Malaysia stood at 44-52 tonnes, with 75% – 80% of the gold jewellery fabricated in Penang (Island and Butterworth).


Notable Global Precious Metals Leaders And Industry Player Attended The 2nd Edition Malaysia Gold Conference 2024

Published on: 04 March 2024

The Malaysia Gold Association (MGA) has hosted notable global precious metals leaders and industry players from varied countries at the 2nd Edition Malaysia Gold Conference 2024, here at JW Marriott Hotel, Kuala Lumpur, recently. The event was graced by Senator Puan Hajah Fuziah Salleh, Deputy Minister of the Ministry of Domestic Trade and Consumer Affairs, who honoured the event with a keynote speech applauding MGA for the great efforts in organizing such significant event, while emphasizing on the importance of learning from renowned speakers to drive local precious metals industry to greater heights.


Gold seen surpassing 2023's record high this year amid persisting geopolitical risks, inflation concerns

Published on: 01 March 2024

Gold is expected to climb further to hit US$2,200 per ounce by the end of 2024, after jumping nearly 14% to an all-time high of US$2,077.49 at the end of 2023, before closing the year at US$2,062.98 per ounce on Dec 29, compared with US$1,814.95 a year ago

Gold price dived to below US$2,000 for the first time this year to US$1,992.33 on Feb 14, before rebounding to US$2,046.14 at the time of writing on Friday (March 1), gaining back US$53.81 or 2.7% over two weeks.


MGA anjur Persidangan Emas Malaysia buat kali kedua pada 28 Februari 2024

Published on: 16 January 2024

Persatuan Emas Malaysia (MGA) menganjurkan Persidangan Emas Malaysia di ibu negara pada 28 Februari 2024.

MGA berkata, pihaknya menjemput peminat emas, peniaga barang kemas, bank dan pelabur untuk mengambil bahagian dalam persidangan emas berkenaan untuk mendapatkan pandangan berharga daripada veteran emas terkenal dari seluruh dunia.


Inclusion of Islamic gold coins in foreign exchange reserves?

Published on: 21 October 2023

The US dollar continues to strengthen. In order to reduce the impact of fluctuations, the Chinese government once again proposed to use gold dinar (commonly known as Islamic gold coins) as the foreign exchange reserve currency. Economists are happy to see the government again to slow down market fluctuations. Putting forward such views is easier said than done!

Prime Minister Anwar recently stated in response to a query in the House of Commons that the government intends to use the gold dinar as a reserve currency.


Malaysia is actively exploring the gold dinar as a new reserve currency

Published on: 17 October 2023

The government of Malaysia is actively exploring the idea of using the gold dinar as a reserve currency, the country’s leader said today.

Prime Minister Datuk Seri Anwar Ibrahim told the Dewan Rakyat, Malaysia’s lower house of parliament, that the use of the gold-backed currency will be discussed during an upcoming meeting on Islamic economics and finance to be held in December.


Demand for gold bars, coins up by 27% in Malaysia

Published on: 17 July 2023

This was according to a research by Forex Suggest that analysed global data on central bank gold reserves, consumer demand for jewellery, Exchange-Traded Fund (ETF) holdings and demand per capita to find the biggest gold nations.

In a release issued today, Forex Suggest said the 2022 global gold market has made an impressive recovery after two years of successive decline from the Covid-19 pandemic. Presently, gold mining and investing have an estimated market cap of US$13.2 trillion, which is great news for some of the top gold-producing countries in the world.


Impending luxury goods tax to dull gold industry’s recovery

Published on: 19 June 2023

Malaysia's gold industry, which has only since recovered from the effects of the Covid-19 pandemic in 2023, is set to lose its shine again in the form of the impending luxury goods tax (LGT), according to the Malaysia Gold Association (MGA).

In a statement on Monday (June 19), MGA president Datuk Louis Ng underlined that the implementation of the goods and services tax in 2015, and sales and services tax in 2018 both resulted in gold jewellery demand dropping.

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Gold traders concerned proposed Luxury Goods Tax may affect gold jewellers and manufacturers

Published on: 30 March 2023

Local gold traders, wholesalers and jewellers are concerned over the possible imposition of the Luxury Goods Tax on gold products, particularly gold jewellery, said the Malaysia Gold Association (MGA).

They voiced the concern at MGA's annual general meeting earlier this month, following which the association discussed the matter with the Ministry of Finance and Royal Malaysia Customs Department (RMCD) at a meeting on Monday (March 27), said MGA in a statement on Thursday.


Recycled gold can contribute towards global call for ESG initiatives: Public Gold

Published on: 06 March 2023

According to Public Gold group founder and chairman & Malaysian Gold Association president Datuk Wira Louis Ng, recycled gold is “good” because it is sustainable and does not cause environmental damage compared with new gold as the latter would involve mining and chemical extraction using cyanide.


MGA Organises The Inaugural Malaysia Gold Conference

Published on: 20 February 2023

Malaysia Gold Association (MGA) has hosted the first ever Malaysia Gold Conference 2023 in Malaysia, graced by the presence of the Ambassador of the Republic of Kazakhstan to Malaysia, Bulat Sugurbayev accompanied by Dato’ Wira Louis Ng, Founder & Executive Chairman of PG Group and the President of MGA.


Advancing Gold Purity And Refinery Methods In MALAYSIA

Published on: 4 July 2022

The Malaysia Gold Association (MGA) team led by Dato’ Wira Louis Ng Chun Hau, had recently visited the National Metrology Institute of Malaysia (NMIM) accompanied by Dato’ Dr Ahmad Sabirin Arshad, President and Group CEO of SIRIM Berhad, together with Dr. Osman Zakaria, Senior Director of NMIM and his key management on 21st June 2022, through an exclusive invitation by SIRIM, an agency under the purview of the Ministry of International Trade and Industry (MITI) of Malaysia, to learn more about the latest gold refinery and purity processes that comply with international requirements through SIRIM certification.


Gold Price Forecast: XAU/USD rallies $20/oz to test $1,991 as traders run for cover

Published on: 7 March 2022

As the attacks in Ukraine intensify, there has been a $20.00/oz rally at the start of the Asia session with risk-off all around and higher commodities higher across the board. S&P 500 futures extend their fall to 1.1% and NASDAQ futures are off 1.2% while the US 10-year treasury yields have dropped to 1.68% as being the lowest since early January.


Breaking: Gold surges and breaches $2,000/oz

Published on: 7 March 2022

The driver is oil and fears of global stagflation. Oil has surged 10% on Monday with the risk of the US and European ban on Russian products. There are also delays in Iranian talks. Brent was quoted $12.73 higher at $130.84, while US crude rose $9.92 to $125.60.


Russian central bank to resume gold purchases on domestic market from Monday

Published on: 28 February 2022

Russia's central bank on Sunday said it would resume buying gold on the domestic market from Feb. 28, as it undertakes measures to try and ensure financial stability during Western sanctions against Moscow for its invasion of Ukraine. Earlier, Russian President Vladimir Putin ordered his military command to put nuclear-armed forces on high alert as Ukrainian fighters defending the city of Kharkiv said they had repelled an attack by invading Russian troops.


AML/CFT Law and Policy for DNFBPs and Other Non-Bank Financial Institutions

Published on: 1 February 2020

The guide is for reporting institutions that are Designated Non-Financial Businesses and Professions and Non-Bank Financial Institutions (“DNFBPs and NBFIs”) in Malaysia to comply with the requirements in the fight against money laundering and terrorism financing.


Bank Negara wants cash transactions to be capped at RM25,000 next year

Published on: 7 November 2019

KUALA LUMPUR: Bank Negara Malaysia (BNM) is proposing to set a cash transaction limit (CTL) of RM25,000 next year, as part of its initiative to continue curbing financial crimes. A cash transaction limit is the cap on the physical cash amount that can be paid per transaction.


Association seeks SST exemption on investment metals

Published on: 14 Jul 2018

KUALA LUMPUR: The Malaysia Gold Association wants investment precious metals (IPMs) and jewelleries to be exempted from the soon-to-be implemented sales and services tax (SST).


Sales Tax (Goods Exempted From Tax) Order 2018

Published on: 28 Aug 2018

Government has amend the Goods Exempted From Payment of Salex Tax


Gold Investor, February 2017 by World Gold Council

Published on: 16 February 2017

New investors flock to gold to insure against geo-political turmoil. Understand why with Gold Investor. Includes contribution from Dr Alan Greenspan.


Public Gold Group- FIRST Shariah Compliant physical gold and silver

Published on: 8 February 2017

Public Gold announces World’s first Shari’ah-Complaint physical gold trading company


Gold Demand Trend Full Year 2016 by World Gold Council

Published on: 3 February 2017

New investors flock to gold to insure against geo-political turmoil. Understand why with Gold Investor. Includes contribution from Dr Alan Greenspan.


The Gold Market in 2017 by World Gold Council

Published on: 13 January 2017

In 2016, investors around the world returned in large numbers to the gold market, as a combination of macroeconomic drivers and pent up demand kept interest in gold high.


Launch of Shari’ah Gold Standard will create new asset class in Islamic Finance

Published on: 6 December 2016

The AAOIFI Shari’ah Standard on Gold developed in collaboration with the World Gold Council offers definitive guidance on the use of gold in Islamic finance.


Guide on Investment Precious Metal (IPM) by Royal Malaysian Customs

Published on: 19 May 2016

Understanding matters with regards to Goods and Services Tax (hereinafter referred to as “GST”) treatment on investment precious metals (hereinafter referred to as “IPM”).


Guide on Approved Jeweller Scheme (AJS) by Royal Malaysian Customs

Published on: 3 Nov 2015

Understanding matters with regards to GST treatment on Approved Jeweller Scheme (AJS).


Guide on Tourist Refund Scheme by Royal Malaysian Customs

Published on: 20 May 2015

Understanding matters with regards to GST treatment on Tourist Refund Scheme (TRS).


Precious metals industry players want GST exemption

Published on: 12 Mar 2014

Public Gold group executive chairman, Datuk Louis Ng, said physical gold would no longer be a viable tool for investment and as a hedge against inflation and foreign exchange fluctuations if the GST were to be imposed.

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