KUALA LUMPUR, July 7 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives closed lower on Monday as the US dollar strengthened, analysts said.
According to reports, investors are waiting for details on the trade front ahead of United States President Donald Trump's tariff negotiation deadline.
SPI Asset Management managing partner Stephen Innes said gold prices had dropped by nearly one per cent as the US dollar firmed on BRICS tariff talk.
“Still, it’s up over 25 per cent on the year - comfortably parked as the long-duration insurance policy.
“Traders aren’t throwing it away. They’re just repositioning in case the BRICS game speeds up,” Innes said in his note.
The spot-month July 2025 contract fell to US$3,320.80 per troy ounce from US$3,351.30 last Friday, the August 2025 contract dropped to US$3,335.90 from US$3,366.40, and the September 2025 contract slid to US$3,350.80 from US$3,381.30 previously.
The October 2025, December 2025 and February 2026 contract each eased to US$3,369.60 from Friday’s US$3,400.10, respectively.
Trading volume slid to 21 lots versus 48 lots last week, while open interest decreased to 41 contracts from 84 contracts previously.
Physical gold was priced at US$3,331.90 per troy ounce, according to the London Bullion Market Association’s afternoon fix on July 3, 2025.
-- BERNAMA
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