Gold prices in Malaysia rose modestly today, with one gram trading at RM488.11, up RM1.03 or 0.21% from the previous session. Year-to-date, gold has gained 7.01%, while its one-year rise stands at 38.42%.
The bullish trend mirrors movements on the COMEX market, where gold closed at USD3,624 per ounce, up USD46.70 from Friday’s close of USD3,577. Analysts at RHB Investment Bank noted that the yellow metal continues to show strong momentum, with technical indicators suggesting further upside potential towards USD3,700 and USD3,800.
RHB highlighted that short-term profit-taking remains possible, but support levels are strong at USD3,450, with a lower threshold at USD3,350. The research house maintained a long position for traders, citing rising 20- and 50-day moving averages as signals supporting a continued bullish bias.
Gold’s resilience comes amid persistent global economic uncertainties, keeping investors focused on safe-haven assets.
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