Gold Futures Climb As US-China Trade Tensions Boost Safe-Haven Demand
By Siti Noor Afera Abu
KUALA LUMPUR, April 10 (Bernama) -- Gold futures on Bursa Malaysia Derivatives ended higher in line with gains on the Comex as heightened US-China trade tensions spurred strong buying interest.
SPI Asset Management managing director Stephen Innes noted that gold surged 3.3 per cent to close at US$3,082 on the Comex overnight, marking its largest single-day gain since 2023.
He said the rally pushed spot gold near record highs, currently trading around US$3,120.
“The shift in investor sentiment suggests that gold is now being driven by concerns over fiat currency devaluation rather than being sold off to cover losses in other markets,” he told Bernama.
At the close today, the spot month April 2025 increased to US$3,119.40 per troy ounce from US$3,056.70 per troy ounce yesterday, while May 2025 was higher at US$3,129.80 per troy ounce against US$3,067.10 per troy ounce before.
June 2025, July 2025 and August 2025 all rose to US$3,142.20 per troy ounce from US$3,077.20 per troy ounce previously.
Trading volume increased to 653 lots from 552 lots on Wednesday, while open interest widened to 697 contracts from 586 contracts.
According to the London Bullion Market Association’s afternoon fix on April 9, physical gold was priced at US$3,075.50 per troy ounce.
-- BERNAMA