GLOBAL GOLD PRICES SURGE TO NEW HIGH, LIFTING BURSA MALAYSIA'S GOLD FUTURES

By Danni Haizal Danial Donald

KUALA LUMPUR, March 14 (Bernama) -- Gold futures on Bursa Malaysia Derivatives ended strongly on Friday, closely tracking the global gold market’s rally as prices soared to a new all-time high of US$2,990,21 an ounce, said an analyst.

SPI Asset Management managing partner Stephen Innes said the gold prices surged to another record high as United States (US) President Donald Trump’s tariff onslaught and lingering growth concerns drove investors toward safe-haven assets.

“Another boost for gold came Thursday when Trump doubled down on his trade war, threatening a 200 per cent tariff on European wine, champagne, and other alcoholic imports.

“He also ruled out repealing the steel and aluminium levies that took effect this week and reaffirmed his commitment to sweeping reciprocal tariffs set to kick in as early as April 2,” he told Bernama today.

The spot-month March 2025 contract surged to US$2,999.60 per troy ounce from US$2,951.20 on Thursday, while April 2025 soars to US$3,009.90 from US$2,961.50.

May 2025, June 2025, and August 2025 all surged to US$3,019.90 per troy ounce from US$2,971.50 per troy ounce on Thursday.  

The trading volume rose to 419 lots from 281 lots, while open interest edged higher to 454 contracts from 351 contracts. 

According to the London Bullion Market Association’s afternoon fix on March 13, physical gold was priced at US$2,974.05 per troy ounce.

-- BERNAMA