KUALA LUMPUR, May 19 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives closed higher on Friday, supported by safe-haven demand following a downgrade of the United States (US) credit rating, which reignited concerns over Washington’s fiscal credibility.
SPI Asset Management managing partner Stephen Innes said investors were rotating into hard assets as US sovereign risk resurfaced and the dollar weakened, lifting gold as a hedge against growing doubts over America’s long-term fiscal sustainability.
The spot month May 2025 contract rose to US$3,247.40 per troy ounce from US$3,218.10 last Friday, while June 2025 contract increased to US$3,261.10 from US$3,232.00.
The July, August and October 2025 contracts gained to US$3,274.80 per troy ounce from US$3,245.70 previously.
Trading volume fell to 108 lots from 283 lots previously, but open interest rose to 157 contracts from 49.
According to the London Bullion Market Association’s afternoon fix on May 16, physical gold was priced at US$3,182.95 per troy ounce.
-- BERNAMA
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