Gold is down from its January peak: how far in ringgit, and how long did past gold slumps last?
Bank Negara's Kijang Emas buying price fell 21.5% from its 29 January 2026 peak to 22 October. Why gold has fallen less in ringgit than in US dollars, what past gold bear markets looked like in both currencies, and where prices stand against 2019.
Gold’s slide since January has been widely reported in US dollars. Malaysians who hold Kijang Emas coins, a gold savings account or jewellery see a different number, because the ringgit has moved too.
How far has gold fallen in ringgit?
On Bank Negara Malaysia’s own daily prices, by about a fifth. The bank’s buying price for a one-ounce Kijang Emas coin peaked at RM21,863 on 29 January 2026 and was RM17,153 on 22 October (BNM Kijang Emas prices).
Kijang Emas one-ounce buying price, 29 January 2026 (RM21,863) to 22 October 2026 (RM17,153), Bank Negara Malaysia (CapsWindow calculation)
The low point so far was RM16,536 on 17 July, 24.4% below the peak. BNM’s selling price fell by almost the same proportion, from RM22,779 to RM17,858 (−21.6%).
In US dollars the fall looks larger. International spot gold set its record on 29 January 2026; one report puts it at US$5,626.80 an ounce (Global Economic), and other data providers show slightly different intraday highs. The LBMA afternoon fixing on 14 October was US$4,089.25 (Bernama). Press reports put the fall at roughly a quarter. Daily records vary by source, so this note uses BNM’s ringgit prices and World Bank monthly averages for its own calculations.
How far has gold fallen in ringgit?
- Kijang Emas buying price, 1 oz (BNM, daily)
- Peak
- RM21,863 (29 January 2026)
- Latest
- RM17,153 (22 October 2026)
- Change
- −21.5%
- Gold in ringgit, monthly average (CapsWindow)
- Peak
- RM19,651 (February 2026)
- Latest
- RM17,947 (August 2026)
- Change
- −8.7%
- Gold in US dollars, monthly average (World Bank)
- Peak
- US$5,020 (February 2026)
- Latest
- US$4,411 (August 2026)
- Change
- −12.1%
- Gold in US dollars, monthly average, September 2026
- Peak
- —
- Latest
- US$4,319
- Change
- −14.0% vs February
Selected entries from the table below. Its dates, units, definitions and limitations still apply.
| Measure | Peak | Latest | Change |
|---|---|---|---|
| Kijang Emas buying price, 1 oz (BNM, daily) | RM21,863 (29 January 2026) | RM17,153 (22 October 2026) | −21.5% |
| Gold in ringgit, monthly average (CapsWindow) | RM19,651 (February 2026) | RM17,947 (August 2026) | −8.7% |
| Gold in US dollars, monthly average (World Bank) | US$5,020 (February 2026) | US$4,411 (August 2026) | −12.1% |
| Gold in US dollars, monthly average, September 2026 | — | US$4,319 | −14.0% vs February |
Monthly averages fall less than daily prices because they smooth out the spike at the end of January. The ringgit monthly series is the World Bank average multiplied by BNM’s monthly average exchange rate (OpenDOSM); our stored data ends in August 2026. Using the September World Bank average and September’s average rate of 4.0687 gives about RM17,573, 10.6% below February, but that figure sits outside the stored series and is shown separately.
Why is the fall smaller in ringgit than in dollars?
Because the ringgit weakened while gold fell. Earlier in 2026 the ringgit had been unusually strong: the monthly average reached 3.9146 per US dollar in February, the strongest in our 2026 data. By August it was 4.0687, about 3.9% weaker.
| February 2026 | August 2026 | Change | |
|---|---|---|---|
| Gold, US$ per ounce (monthly average) | 5,020 | 4,411 | −12.1% |
| Ringgit per US dollar (monthly average) | 3.9146 | 4.0687 | ringgit 3.9% weaker |
| Gold, RM per ounce (calculated) | 19,651.3 | 17,947.0 | −8.7% |
The daily numbers point the same way. BNM’s 5pm middle rate was 3.9300 on 29 January and 4.0820 on 22 October, a weakening of about 3.9%. That is why the Kijang Emas price fell around a fifth while the dollar price fell around a quarter. The cushion is real but modest; it is not the kind of large currency swing that turns a gold slump into a gain.
The timing matters too. Between December 2025 and February 2026 the ringgit strengthened about 4.3%, from 4.0919 to 3.9146, which meant ringgit buyers missed part of the rally in January. The same currency move later worked in their favour on the way down.
How long did past gold slumps last?
The three major US-dollar bear markets since 1980, measured on World Bank monthly averages, took between 32 and 316 months to regain their peaks. Our ringgit series begins in January 1997, so the 1980 episode cannot be converted.
| Peak (US dollars) | Fall to the low, US$ | Months to regain the peak, US$ | Same episode in ringgit: peak, fall, months to recover |
|---|---|---|---|
| January 1980 | −62.1% (July 1999) | 316 | not available (ringgit series starts 1997) |
| September 2011 | −39.3% (December 2015) | 106 | November 2011 peak; −28.3% (November 2014); 63 |
| August 2020 | −15.5% (October 2022) | 32 | August 2020 peak; −14.4% (March 2021); 20 |
| February 2026 | −18.9% so far (July 2026) | not yet recovered | February 2026 peak; −15.4% so far (July 2026); not yet recovered |
All figures are CapsWindow calculations from World Bank monthly averages and BNM monthly exchange rates, with no missing months filled in. In both earlier episodes the ringgit slump was shallower and shorter. In 2011-2015 the main reason is the ringgit’s own fall: it went from about 3.15 per dollar in late 2011 to 4.28 by December 2015, so the dollar’s gold low of US$1,076 was RM4,607 in ringgit, well above the ringgit low of RM3,929 a year earlier. A weak ringgit cushioned gold holders, though it also raised the cost of everything else priced in dollars.
These episodes are examples, not a template. They cover different interest-rate regimes, different reasons for the slump and a different ringgit.
How does today’s price compare with a few years ago?
It is still far higher. In August 2026 an ounce of gold cost about RM17,947 on monthly averages, 2.93 times the December 2019 level of RM6,135.6. In US dollars the multiple is 2.98. Over the shorter span from December 2024 (RM11,811.1) the rise is about 52%.
| Month | Gold, US$ (monthly average) | Ringgit per US$ | Gold, RM (calculated) |
|---|---|---|---|
| December 2019 | 1,479 | 4.1485 | 6,135.6 |
| December 2024 | 2,648 | 4.4604 | 11,811.1 |
| December 2025 | 4,309 | 4.0919 | 17,632.0 |
| February 2026 | 5,020 | 3.9146 | 19,651.3 |
| August 2026 | 4,411 | 4.0687 | 17,947.0 |
So a buyer from 2019 or 2024 is still well ahead in ringgit; the January 2026 buyer is behind. The gold calculator lets you choose your own start and end months.
Calculate gold in ringgit for your own dates →
What do Malaysian buyers actually pay?
More than the international price, and they get less when they sell. Kijang Emas carries a spread of about 4% between BNM’s selling and buying prices (RM17,858 against RM17,153 on 22 October, about RM574 and RM551 per gram). Retail dealers set their own prices; Public Gold, for example, listed a 100 g bar on 23 October at RM56,753 to buy and RM52,780 to sell back, a gap of about 7.5%, and its gold accumulation programme at RM576 per gram (Public Gold). Jewellery adds workmanship charges on top.
That means a small fall in the international price can already be enough to put a recent buyer behind once the spread is counted, and percentage changes in dealer prices will not match the World Bank figures exactly.
Monthly averages (World Bank, BNM) and daily prices (BNM Kijang Emas, press reports) measure different things and give different peaks and drawdowns; daily spot records also differ between data providers. Ringgit monthly values are CapsWindow calculations and end in August 2026. Retail and Kijang Emas prices include spreads and change during the day. This note does not explain the fall by a single cause and does not forecast gold prices or the ringgit.
Questions & answers
How much has gold fallen in ringgit since the January 2026 peak?
Bank Negara's Kijang Emas buying price for a one-ounce coin fell from RM21,863 on 29 January 2026 to RM17,153 on 22 October, a drop of 21.5%. Its lowest point so far was RM16,536 on 17 July (24.4% below the peak). Monthly-average figures show a smaller fall, 8.7% from February to August, because averages smooth out the daily peak.
Why has gold fallen less in ringgit than in US dollars?
Because the ringgit weakened while gold was falling. The monthly average went from 3.9146 ringgit per dollar in February 2026 to 4.0687 in August, about 3.9% weaker, so each dollar of gold converted into more ringgit. BNM's 5pm middle rate moved from 3.9300 on 29 January to 4.0820 on 22 October.
How long did earlier gold slumps take to recover?
In US dollars, on monthly averages: 316 months after the January 1980 peak, 106 months after September 2011 and 32 months after August 2020. In ringgit, the 2011 episode took 63 months from its November 2011 peak and the 2020 episode 20 months. Past recoveries say nothing about how long the current fall will last.
Source
- Bank Negara Malaysia - Kijang Emas prices ↗
- Bank Negara Malaysia - Open API (Kijang Emas and exchange rates) ↗
- World Bank - Commodity Price Data (Pink Sheet), monthly prices, gold ↗
- OpenDOSM - Exchange rates (BNM, monthly average) ↗
- Global Economic - report on the 29 January 2026 gold record (4 October 2026) ↗
- Bernama - Gold futures and LBMA fixing, 15 October 2026 ↗
- Public Gold - daily gold prices ↗
- CapsWindow - Data & methodology ↗