By Danni Haizal Danial Donald
KUALA LUMPUR, April 16 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives ended higher on Wednesday, echoing gains on COMEX as growing global economic uncertainties strengthen the commodity, said an analyst.
SPI Asset Management managing director Stephen Innes said the bullion is ready to brace the impact as traders look to gold as a macro protection against these economic uncertainties.
“Gold feels less like a short-term technical play and more like a strategic stance as markets appear to be nearing a critical juncture of the trade war at the moment, choosing to side with China or the United States.
“In this context, the yellow metal has positioned itself for this economic conflict,” he told Bernama.
At today’s close, spot month April 2025 contract rose to US$3,311.60 per troy ounce from US$3,237.10 per troy ounce on Tuesday, while May 2025 contract increased to US$3,322.00 per troy ounce from US$3,247.50 per troy ounce yesterday.
June 2025, July 2025, and August 2025 all climbed to US$3,336.70 per troy ounce from US$3,261.60 per troy ounce previously.
Trading volume fell to 371 lots from 730 lots on Tuesday, while open interest decreased to 426 contracts from 754 contracts previously.
According to the London Bullion Market Association’s afternoon fix on April 15, physical gold was priced at US$3,219.60 per troy ounce.
-- BERNAMA
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