KUALA LUMPUR, March 3 (Bernama) -- Gold futures on Bursa Malaysia Derivatives increased on Monday as demand rebounded amid uncertainty in the global economy, said an analyst.
SPI Asset Management managing partner Stephen Innes told Bernama that the Ukraine conflict looms over the markets, injecting a persistent risk premium into the mix.
“Geopolitical uncertainty is the name of the game. There is no certainty in global politics right now and that is precisely why gold has caught a bid (increased demand) today,” he said.
Innes added that if Donald Trump follows through with his tariff promises, this may likely nudge gold prices higher.
“Traders, hedgers and speculators are not taking any chances right now and buying some gold, but it is nowhere near the feverish pitches we have seen recently,” he said.
New spot month March 2025 increased to US$2,878.20 per troy ounce against US$2,867.20 per troy ounce on Friday, while April 2025 went up to US$2,887.40 per troy ounce from US$2,879.90 per troy ounce previously.
Meanwhile, May 2025, June 2025 and August 2025 all stood at US$2,887.40 per troy ounce.
Trading volume fell to 12 lots from 32 lots on Friday, while open interest widened to 53 contracts from 37 contracts previously.
According to the London Bullion Market Association’s afternoon fix on Feb 28, physical gold was priced at US$2,834.55 per troy ounce.
-- BERNAMA
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