Gold Futures Close Lower
By Zufazlin Baharuddin
KUALA LUMPUR, April 7 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives ended lower today, with bulls remaining on the sidelines amid a risk-off mood, fuelled by concerns over a potential global trade war.
SPI Asset Management managing director Stephen Innes said investors remain cautious, as gold may be sold off to offset losses in other markets, particularly amid ongoing selling pressure on stocks and bonds.
“Gold is regaining ground. After hitting an intraday low, it has rebounded by nearly US$50 and is now trading just under US$3,050.
“Investors remain wary, concerned that gold will be sold to meet margin calls elsewhere, especially as equity and credit markets continue to experience liquidation mode,” he told Bernama.
At the close today, spot month April 2025 slid to US$3,032.30 per troy ounce from US$3,105.20 per troy ounce last Friday and May 2025 eased to US$3,044.10 per troy ounce against US$3,118.00 per troy ounce.
June 2025, July 2025, and August 2025 all dropped to US$3,055.90 per troy ounce from US$3,126.80 troy ounce previously.
Trading volume increased to 153 lots from 114 lots last Friday, while open interest rose to 199 contracts from 141 contracts previously.
According to the London Bullion Market Association’s afternoon fix on April 4, physical gold was priced at US$3,054.50 per troy ounce.
-- BERNAMA