Gold Ends Lower After After US-driven Rally Fizzles

By Harizah Hanim Mohamed

KUALA LUMPUR, July 17 (Bernama) – Gold futures contracts on Bursa Malaysia Derivatives ended lower on Thursday, retreating from an overnight rally that was fuelled by investor uncertainty surrounding the United States Federal Reserve’s (Fed) policy outlook.

SPI Asset Management managing partner Stephen Innes said the yellow metal initially surged overnight following speculation over the fate of Fed chairman Jerome Powell.

“Markets instinctively reached for safe havens when it looked like Fed independence might be on the chopping block. But as that narrative faded, gold eased off its intraday highs,” he told Bernama.

Innes added that with US economic data due tonight and the US dollar slightly firmer, traders were trimming positions into strength.

“Still, in ringgit terms, gold remains only modestly lower from yesterday’s close, reflecting a broader hesitation to fully unwind risk protection,” he said.

At the close, the spot-month July 2025 contract slipped to US$3,337.50 per troy ounce from US$3,349.50 yesterday.

The August 2025 contract fell to US$3,355.70 from US$3,367.70, while the September 2025 contract declined to US$3,361.60 from US$3,373.60 previously.

The October 2025, December 2025, and February 2026 contracts all settled lower at US$3,390.80 from US$3,401.80 per troy ounce yesterday.

Trading volume decreased to 57 lots from 97 lots, while open interest rose to 133 contracts from 25 previously.

Physical gold was priced at US$3,323.80 per troy ounce, based on the London Bullion Market Association’s afternoon fix on July 16, 2025.

-- BERNAMA