Gold Futures End Higher On Buying Support

By Engku Shariful Azni Engku Ab Latif

KUALA LUMPUR, June 26 (Bernama) -- Gold futures contract on Bursa Malaysia Derivatives ended higher on Thursday as it settled into a holding pattern following the easing of Middle East tensions but remains well supported on dips, said SPI Asset Management managing partner Stephen Innes.

He said the speculation over earlier-than-expected US Federal Reserve (Fed) rate cuts, and a weaker US dollar also supported the sentiment.

“The dollar’s slide accelerated after US President Donald Trump floated the idea of announcing a successor to Fed chair Jerome Powell ahead of schedule — an overt political signal that could undermine the Fed’s independence and, by extension, bolster gold’s appeal as a hedge against policy uncertainty," he told Bernama.

It has been reported that Trump is considering naming a new Fed chairman early, a move seen as undermining the current chairman, who has been reluctant to cut interest rates as demanded by the US president.

The spot-month June 2025 contract rose to US$3,340.80 per troy ounce from US$3,325.30 per troy ounce on Wednesday, while July 2025 was up to US$3,355.10 from US$3,328.20 per troy ounce previously. 

The August, September and October 2025 contracts all increased to US$3,370.80 per troy ounce from US$3,354.20 per troy ounce yesterday.

Trading volume declined to 13 lots versus 34 lots yesterday, while open interest reduced to 36 contracts from 71 contracts previously. 

Physical gold was priced at US$3,318.25 per troy ounce, according to the London Bullion Market Association’s afternoon fix on June 25.

-- BERNAMA