Malaysia has started charging a 10% import duty on some gold bar shipments, according to Bloomberg, disrupting part of the country’s bullion trade. Traders and dealers told the outlet that certain inbound cargoes have faced the duty since at least early May. The wording matters: this does not appear to apply to every form of gold, and the available information points to selected bullion shipments rather than the entire precious-metals market.

There is also local confirmation of the broader issue. Bank Muamalat Malaysia reportedly told customers that a 10% customs tax imposed by Royal Malaysian Customs will apply to LBMA physical gold bars and will be reflected in pricing from June 8. RinggitPlus estimated that, for a one-kilogram LBMA bar priced at about RM450,000, the tax could add roughly RM45,000, depending on how the cost is passed through.

The move comes at a sensitive moment for Asia’s gold market. Record prices have increased investor demand for physical gold, while governments are watching precious-metal imports more closely. For Malaysian dealers, the duty may raise import costs, pressure margins and shift trading flows to other hubs. The main uncertainty is scope: until authorities provide clearer guidance, the market will need to treat the measure as targeted rather than universal.