By Nurunnasihah Ahmad Rashid
KUALA LUMPUR, April 22 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives closed higher for the second consecutive day on Tuesday, tracking gains on COMEX, as investors continued to flock to the precious metal amid growing concerns about the global economy.
SPI Asset Management managing director Stephen Innes said gold surged past US$3,500 per troy ounce as if “it was on a mission” — and it is not due to any recent comments by US President Donald Trump about the US Federal Reserve.
“That’s just noise. The real reason is that people are starting to lose faith in paper money,” he told Bernama.
According to reports, gold price rose by approximately 2.0 per cent on Tuesday, surpassing US$3,500 per troy ounce in the morning for the first time in history.
Innes explained that central banks around the world are expected to cut interest rates soon, and gold is moving ahead of this shift.
“This is not just a reaction — it is a warning...people are losing trust in paper money and central banks. Gold is acting as a safe haven when everything else feels shaky,” he added.
Innes noted that this rise in gold is different from the past — it is stronger and more meaningful.
He added that, when adjusted for inflation, gold prices are now higher than they were during the crisis of the 1980s.
“People want something real they can trust, and gold provides that,” he said.
At today’s close, the spot month April 2025 contract rose to US$3,398.70 per troy ounce from US$3,329.90 per troy ounce on Monday, and May 2025 contract increased to US$3,407.70 per troy ounce from US$3,340.30 per troy ounce.
June 2025, July 2025, and August 2025 contracts all jumped to US$3,422.40 per troy ounce from US$3,355.00 per troy ounce yesterday.
Trading volume climbed to 159 lots from 142 lots on Monday while open interest increased to 188 contracts from 175 contracts previously.
According to the London Bullion Market Association’s afternoon fix on April 17, physical gold was priced at US$3,305.65 per troy ounce.
-- BERNAMA
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