Market Chatter: Malaysia Imposes 10% Duty on Gold Bar Imports

MT Newswires Live16:25

Malaysia has introduced a 10% import duty on certain gold bar shipments, Bloomberg News reported Tuesday, citing traders and dealers.

Traders said some gold imports have been subjected to the new duty since early May, causing delays at customs and forcing some shipments to be rerouted. The additional cost has made imports commercially unviable, as local gold prices have not increased enough to offset the tax burden, according to the report.

The Royal Malaysian Customs Department confirmed that the Ministry of Finance would engage with industry players regarding the taxation of minted gold products, the news agency reported.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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