Gold prices in Malaysian Ringgit edged up 0.21% today to RM453.71 per gram, reflecting continued strength in local demand despite a sharp overnight pullback in global futures.
According to data from GoldPrice.org, gold has gained RM29.79 today alone, extending its 30-day rise to RM89.72 (+0.64%). Over the past six months, gold in Ringgit terms has surged 19.62%, and is now up 29.85% year-on-year.
However, RHB Investment Bank Bhd (RHB Research) highlighted overnight weakness on COMEX, where gold futures dropped sharply by US$61.10 to settle at US$3,333.90 per ounce. The fall, which brought prices below the 20-day simple moving average (SMA), was attributed to heavy selling pressure after a failed attempt to break the US$3,500 resistance level.
RHB Research maintains a bullish outlook as long as gold does not breach US$3,200. It has advised traders to hold long positions from US$3,402.40 and recommends a stop-loss at US$3,150. Immediate support is seen at US$3,250, while the next resistance levels remain at US$3,500 and US$3,600.
The contrasting movements suggest Malaysian gold buyers are currently shielded by currency effects or local demand, even as global futures face technical pullbacks.
