KUALA LUMPUR: The sharp correction in international gold prices may not translate into equally steep savings for Malaysian consumers, as the ringgit, type of gold product and seller spreads also determine local retail prices.
Spot gold fell as much as four per cent on Monday to around US$4,111 an ounce, its lowest level since August 5, amid rising US Treasury yields and expectations of further Federal Reserve (Fed) rate hikes.
It traded around US$4,100 on Tuesday before recovering modestly later in the week.
Abdul Razak Gold House (M) Sdn Bhd managing director Mohd Razalie Abdul Rasul said the current decline reflected factors such as interest rates and oil prices.
He reminded Malaysians that international gold prices did not directly determine retail prices.
