GOLD FUTURES END HIGHER ON SAFE-HAVEN DEMAND

By Siti Noor Afera Abu

KUALA LUMPUR, March 2 (Bernama) -- Gold futures on Bursa Malaysia Derivatives settled higher on Monday, tracking gains in US COMEX gold futures, as conflict in the Middle East boosted safe-haven demand despite a firmer greenback.

SPI Asset Management managing partner Stephen Innes said global gold prices rose for a fourth consecutive session as escalating conflict in the Middle East drove investors toward safe-haven assets.

He noted that prices climbed as much as 2.5 per cent to near US$5,415 per ounce before easing slightly.

“The move followed United States and Israeli strikes on Iran that killed the country’s supreme leader, prompting a broader wave of Iranian missile retaliation across the region.

“The rapid escalation has unsettled financial markets, with investors seeking protection in traditional defensive assets such as gold,” Innes told Bernama.

At the close, the new spot-month March 2026 contract increased to US$5,414.20 per troy ounce from US$5,200.30 last Friday.

April 2026 gained to US$5,432.40 per troy ounce from US$5,218.50 on Friday, while May strengthened to US$5,451.40 per troy ounce from US$5,218.50.

The June and August 2026 contracts also settled higher at US$5,485.30 per troy ounce from US$5,252.40 previously.

Trading volume rose to 16 lots from seven on Friday, while open interest narrowed to 92 contracts from 116 previously. 

Physical gold was fixed at US$5,222.30 per troy ounce at the London Bullion Market Association afternoon fix on Feb 27, 2026. 

-- BERNAMA