Last updated: January 2024
The price of silver in Malaysia is an important topic for investors and those interested in precious metals. As a commodity, silver is widely used in a variety of industries, including electronics, solar panels, and jewellery. The price of silver is also affected by global economic factors, making it a valuable asset for those looking to diversify their portfolio.
When it comes to investing in silver, it's important to keep an eye on the current market trends and price fluctuations. Fortunately, there are a number of resources available to help investors stay up-to-date on the latest silver prices in Malaysia. These resources include online price trackers, market analysis reports, and investment forums where investors can share their insights and strategies.
Whether you're a seasoned investor or just starting out, understanding the price of silver in Malaysia is key to making informed investment decisions. By staying informed on the latest market trends and using the right resources, investors can make the most of this valuable commodity and potentially grow their wealth over time.
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Historical Perspective of Silver Price in Malaysia
I have researched the historical perspective of silver prices in Malaysia and found some interesting trends. According to Bullion Rates, the price of silver in Malaysian Ringgits (MYR) has been fluctuating over the past few years.
In August 2023, the price of silver was 104.35 MYR per ounce or 3.3550 MYR per gram. This is a slight decrease from the previous day's price of 103.82 MYR per ounce or 3.3379 MYR per gram. However, in May 2023, the price of silver reached a peak of 113.27 MYR per ounce or 3.6418 MYR per gram, according to Bullion Rates.
Looking back to January 2022, the price of silver was 95.623 MYR per ounce or 3.0744 MYR per gram, according to Bullion Rates. This shows that the price of silver has been increasing over the past few years.
It is also interesting to note that the price of silver in Malaysia is affected by global market trends. For example, the price of silver in Malaysian Ringgits per ounce has been affected by the price of silver on the London Bullion Market Association (LBMA), according to GoldBroker.
Overall, the historical perspective of silver prices in Malaysia shows that the price of silver has been fluctuating over the past few years and is affected by global market trends.
Current Silver Price in Malaysia
As of today, the current silver price in Malaysia is fluctuating around MYR 107.50 per ounce. The price of silver in Malaysian Ringgit (MYR) can vary depending on several factors such as global economic conditions, demand and supply, inflation rates, and currency exchange rates.
The latest silver prices in MYR currently, were as follows:
| Silver Rate in MYR Malaysian ringgit |
Rate/MYR |
|---|---|
| Spot Silver Price | 107.64 |
| Silver Price per Gram | 3.46 |
| Silver Price per KG | 3 461.07 |
| Silver Price per Tola | 40.37 |
| Sterling Silver Price | 3.20 |
| Silver Price in Pennyweight | 5.3826 |
It is important to note that these prices are subject to change and may not be reflective of the current price at the time of reading.
Other sources such as Silver Price and Live Price of Gold provide historical data and charts that show the silver price trends over time.
Investors and traders who are interested in buying or selling silver in Malaysia should keep a close eye on the current silver prices and market conditions to make informed decisions. It is also recommended to consult with a reputable dealer or financial advisor before making any investments.
Factors Influencing Silver Price in Malaysia
Global Market Trends
The global silver market is influenced by a variety of factors, including supply and demand, geopolitical events, and economic conditions. Changes in the global market trends can have a significant impact on the price of silver in Malaysia. For example, if there is an increase in demand for silver in other countries, the price of silver in Malaysia may increase as well. Similarly, if there is a decrease in demand for silver in other countries, the price of silver in Malaysia may decrease.
Currency Exchange Rates
The value of the Malaysian Ringgit (MYR) compared to other currencies can also affect the price of silver in Malaysia. If the MYR is strong compared to other currencies, the price of silver in Malaysia may decrease. Conversely, if the MYR is weak compared to other currencies, the price of silver in Malaysia may increase.
Industrial Demand
Silver is used in a variety of industrial applications, including electronics, solar panels, and medical equipment. Changes in demand for silver in these industries can have an impact on the price of silver in Malaysia. For example, if there is an increase in demand for silver in the electronics industry, the price of silver in Malaysia may increase.
Political Stability
Political stability is another factor that can influence the price of silver in Malaysia. If there is political instability in Malaysia or in other countries that trade with Malaysia, the price of silver in Malaysia may be affected. For example, if there is a coup or a major political crisis in Malaysia, the price of silver in Malaysia may decrease.
These are just a few of the factors that can influence the price of silver in Malaysia. It is important to keep an eye on global market trends, currency exchange rates, industrial demand, and political stability in order to make informed decisions about buying and selling silver in Malaysia.
Comparison with Global Silver Prices
Silver prices in Malaysia are influenced by global market trends, as well as local factors such as supply and demand. Here's a brief comparison of Malaysia's silver prices with global prices:
According to Live Price of Gold, currently, the price of silver per tola (11.66 grams) in Malaysia is as follows:
- 999 Fine, Pure Silver Price per Tola: MYR 8.9511
- 958 Britannian Silver Price per Tola: MYR 8.5787
- 925 Sterling Silver Price per Tola: MYR 8.2797
- 916 22K Silver Price per Tola: MYR 8.1992
Comparing these prices to global silver prices, we can see that Malaysia's silver prices are relatively low. However, it's important to note that silver prices can vary significantly from country to country due to a variety of factors, including local supply and demand, import and export taxes, and currency exchange rates.
Overall, while Malaysia's silver prices may be lower than those in some other countries, it's important to consider the local factors that influence these prices when making investment decisions.
Investing in Silver in Malaysia
As an investor, you may be interested in diversifying your portfolio by investing in silver. In Malaysia, there are several ways to invest in silver, including physical silver, silver ETFs, and digital silver.
Physical Silver
One way to invest in silver is to purchase physical silver, such as silver coins or bars. Physical silver can be purchased from reputable dealers or online platforms. It is important to ensure the silver you purchase has at least 99.9% purity. Some of the recommended, well-recognized, and easily available silver items in Malaysia are American Silver Eagle coins, Canadian Maple Leaf coins, Perth Mint Lunar Series coins, Chinese Panda coins, Scottsdale bar, and APMEX round.
Silver ETFs
Another way to invest in silver is through silver ETFs. An ETF is a type of investment fund that trades on a stock exchange like a stock. Silver ETFs provide investors with exposure to the price of silver without having to physically own the metal. In Malaysia, there are several silver ETFs available, such as the iShares Silver Trust and the Aberdeen Standard Physical Silver Shares ETF.
Digital Silver
Digital silver is a relatively new way to invest in silver. It allows investors to buy and sell silver through digital platforms, such as mobile apps or websites. Digital silver is backed by physical silver, and investors can buy and sell it at any time. In Malaysia, there are several digital silver platforms available, such as HelloGold and Silver Bullion.
Investing in silver in Malaysia can be a good way to diversify your portfolio and protect against inflation. However, as with any investment, it is important to do your research and understand the risks involved.
Future Predictions for Silver Price in Malaysia
Based on the current trends and analysis, the silver price in Malaysia is expected to remain volatile in the near future. However, this price is subject to change based on various factors such as global economic conditions, supply and demand, and geopolitical events.
In 2022, silver averaged $21.71 and ended the year at $23.98. According to GoldSilver.com, analysts both inside and outside of the silver industry have made their predictions for 2023. David Morgan predicts that silver tends to outperform 3:1 in bull markets. Other analysts predict that silver prices will continue to suffer in 2023 but shine brightly next year.
It is important to note that silver is a highly volatile commodity, and its price can fluctuate rapidly. Therefore, investors and traders should be cautious and keep a close eye on the market trends and analysis.
In conclusion, the future predictions for silver price in Malaysia remain uncertain. While some analysts predict a bullish trend, others predict a bearish trend. Therefore, it is crucial for investors and traders to stay informed and updated on the latest market trends and analysis to make informed decisions.
Malaysia Silver Price
In conclusion, the silver price in Malaysia can be influenced by various factors, such as global market trends, supply and demand, and economic policies. Based on the historical data and current market conditions, it is difficult to predict the future direction of the silver price in Malaysia with certainty.
However, investors and collectors can use the information provided by the live silver price charts and historical data to make informed decisions about buying or selling silver in Malaysia. It is important to keep in mind that investing in silver, like any other investment, carries risks and should be done with caution and proper research.
Overall, the silver market in Malaysia can offer opportunities for those interested in silver investments or collecting. With the right knowledge and strategy, investors can potentially benefit from the fluctuations in the silver price and the long-term value of silver as a precious metal.
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