KUALA LUMPUR: Tomei Consolidated Bhd

hopes the government will exempt imported stamped gold bars from the 10% import duty to keep gold investment affordable for ordinary Malaysians.

Its group managing director Datuk Ng Yih Pyng said that currently, imported stamped gold bars, also known as minted gold bars classified under the harmonised system (HS) code 7115.90.1000, are subject to a 10% import duty.

In contrast, the imported cast gold bars, which fall under HS code 7108.12.1000, are exempt from this duty.

Ng, who is also the Federation of Goldsmiths and Jewellers Association of Malaysia adviser, explained that cast gold bars are larger, typically measured in kilogrammes, and are used for manufacturing purposes, while stamped gold bars range from as little as 0.1g per piece and are mainly purchased by individuals for personal investment.

“People from all walks of life, including those from the bottom 40% household income group or B40, buy gold as an investment or for savings, and Malaysians have been buying gold for this purpose for the last 50 or 60 years. 

“We have seen customers buying a bit of gold every month, 1g, 2g, 5g, so hopefully, the Finance Ministry can give an exemption to this category of products, because these products are for people who cannot afford larger gold bars,” he told Bernama.

Commenting on the outlook for gold prices, Ng is optimistic that the precious metal could revisit the US$5,500-per-ounce level in the long run despite the current consolidation.

“I think gold is still bullish, but no one can tell how long it will take to hit that level again. In the long term, I think it will go higher,” he said.

Gold reached its all-time high of US$5,589.38 per ounce on Jan 28, 2026, supported by safe-haven demand amid heightened geopolitical tensions and continued strong central bank buying. 

It later retreated to around the US$4,000 level as of July 2, 2026, as higher crude oil prices following the Strait of Hormuz closure stoked inflation concerns, fuelling expectations of further US Federal Reserve interest rate hikes.

Ng considered the US$4,000-per-ounce level to be a fair value for gold, although he acknowledged that he could not predict the price movements.