By Zufazlin Baharuddin
KUALA LUMPUR, Feb 10 (Bernama) -- Gold futures on Bursa Malaysia Derivatives closed higher today as uncertainty over United States (US) tariffs on steel and aluminium imports fueled demand for the safe-haven metal.
SPI Asset Management managing partner Stephen Innes said despite higher US yields and a stronger dollar, gold is defying gravity, hitting record highs due to uncertainty around US President Donald Trump’s tariff plan.
“When it rallies alongside a stronger dollar and rising yields, it is a hedge against geopolitical and economic uncertainty itself.
“If this trend holds, we could be looking at a paradigm shift where gold serves as the ultimate risk-off asset,” he told Bernama.
The spot-month February 2025 contract rose to US$2,900.40 per troy ounce from US$2,871.50 last Friday, while the March 2025 contract went up to US$2,907.50 per troy ounce from US$2,882.50.
The April 2025, May 2025 and June 2025 contracts were also higher at US$2,915.50 per troy ounce compared to Friday’s close of US$2,888.10.
Trading volume soared to 100 lots from 36 lots on Friday, while open interest doubled to 138 contracts from 69 contracts.
According to the London Bullion Market Association’s afternoon fix on Feb 7, the price of physical gold stood at US$2,874.65 per troy ounce.
-- BERNAMA
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