Malaysia cutting import duty on gold bars to 0% starting Nov 1, 2026

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The Customs Duties (Amendment) Order 2026 [PU (A) 350] cuts the duty on minted gold bars under subheading 7115.90.10 00 to 0% from 10%, effective Nov 1, the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) and the Federation of Goldsmiths and Jewellers Associations of Malaysia (FGJAM) noted in a joint statement on Saturday welcoming the move.
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Malaysia scraps 10% import duty on minted gold bars, business groups welcome move

Malaysia has formally gazetted the removal of import duty on qualifying minted gold bars, a “timely and practical” move two business groups said would strengthen the competitiveness of the local gold and jewellery industry.

theedgemalaysia.com

 

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According to Malaysia’s official statistics, the country imported around 74.5 tonnes of gold in 2024. In 2023, imports were roughly 130.9 tonnes, so volumes can fluctuate significantly from year to year.

Looking at trade data under HS 7108, Malaysia imported approximately $4.61 billion worth of gold in 2025. The main suppliers were Singapore, the UAE, Switzerland, and Hong Kong.

So the removal of the 10% import tariff is not insignificant. If it applies to a meaningful share of investment gold, even a 10–20% increase in imports from a typical annual level could mean roughly 7–15 additional tonnes of gold demand per year.

That is nowhere near China or India in scale, but it is still a noticeable addition to the physical gold market.

Most importantly, the impact could be even stronger in the small investment-bar segment, because a 10% import tariff is a substantial extra cost for retail buyers.