GOLD FUTURES CLOSE HIGHER AFTER TWO DAYS OF LOSSES

By Danni Haizal Danial Donald

KUALA LUMPUR, March 12 (Bernama) -- Gold futures on Bursa Malaysia Derivatives ended higher on Wednesday as the commodity holds steady despite the Ukraine ceasefire and rising United States (US) yields, which could have sparked a deeper selloff, said an analyst.

SPI Asset Management managing partner Stephen Innes said this stability shows positive signal for the broader gold outlook, as downside moves are finding support.

“Still, upside breakouts are being capped, with higher yields keeping speculative buying in check. However, the key to a sustained rally remains central bank demand, and that pillar continues to hold strong.

“With the People's Bank of China increasing purchases again in February, gold remains intact, positioning the metal in play for another potential leg higher if the macro backdrop aligns,” he told Bernama.

The spot-month March 2025 contract rose to US$2,924.50 per troy ounce from US$2,916.90 on Tuesday, while April 2025 advanced to US$2,935.40 from US$2,925.90.

May 2025, June 2025, and August 2025 all increased to US$2,945.40 per troy ounce from US$2,935.90 per troy ounce on Tuesday.  

The trading volume dropped to 187 lots from 253 lots, while open interest slid to 217 contracts from 318 contracts. 

According to the London Bullion Market Association’s afternoon fix on March 11, physical gold was priced at US$2,916.90 per troy ounce. 

-- BERNAMA