GOLD FUTURES END LOWER AMID OIL PRICE RECOVERY, STRONGER DOLLAR

By Fatin Umairah Abdul Hamid

KUALA LUMPUR, March 11 (Bernama) -- Gold futures on Bursa Malaysia Derivatives closed lower on Wednesday, as the US dollar strengthened and oil prices rebounded, said an analyst.

SPI Asset Management managing partner Stephen Innes noted that the firmer greenback pushed US yields higher from the morning lows following reports that a cargo ship was struck by a projectile in the Strait of Hormuz. 

"While it may seem counterintuitive that gold would slip as geopolitical tensions rise, the yellow metal is currently trading less as a traditional safe haven and more as a macro cross asset negatively correlated with the US dollar and US real yields, both of which are influenced by the latest rise in crude prices," he told Bernama.

At the time of writing, Brent crude oil price rose 3.78 per cent to US$90.96 per barrel.

Meanwhile at the close, the spot-month March 2026 contract eased to US$5,199.7 per troy ounce from US$5,200.4 on Tuesday, April 2026 was marginally lower at US$5,218.5 per troy ounce compared to US$5,219.4 yesterday, and May 2026 slid to US$5,237.7 per troy ounce from US$5,238.6 yesterday.

The June and August 2026 contracts also settled lower at US$5,271.6 per troy ounce against US$5,272.5 previously.

Trading volume rose to 13 lots from nine lots yesterday, while open interest fell to 85 contracts from 86 contracts previously.

Physical gold was fixed at US$5,209.7 per troy ounce at the London Bullion Market Association afternoon fix on March 10, 2026.

-- BERNAMA