Gold Futures Close Higher

By Danni Haizal Danial Donald

KUALA LUMPUR, April 17 (Bernama) – The gold futures contract on Bursa Malaysia Derivatives closed higher on Thursday, although the global gold market retreated amid the United States Federal Reserve’s (Fed) hawkish stance on US bonds, an analyst said.

SPI Asset Management managing director Stephen Innes said gold has retreated from its recent highs, while the market is beginning to show signs of fatigue.

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“This is likely linked to Fed chairman Jerome Powell’s hawkish tone and a return to more orderly behaviour in the bond market — with yields rising on strong equity days and falling when market sentiment weakens.

“That’s a clear contrast to last week’s fear-driven environment, when concerns over dysfunction in the US Treasury market and rumours of a buyer strike left traders questioning whether the bond market was still functioning,” he told Bernama.

At today’s close, spot month April 2025 contract rose to US$3,329.90 per troy ounce from US$3,311.60 per troy ounce on Wednesday, while the May 2025 contract increased to US$3,340.30 per troy ounce from US$3,322.00 per troy ounce yesterday.

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June 2025, July 2025, and August 2025 all climbed to US$3,355.00 per troy ounce from US$3,336.70 per troy ounce previously.

Trading volume rose to 411 lots from 371 lots on Wednesday, while open interest increased to 455 contracts from 426 contracts previously. 

According to the London Bullion Market Association’s afternoon fix on April 16, physical gold was priced at US$3,322.90 per troy ounce.

-- BERNAMA