Gold Futures Retreat On Profit-taking Amid Hopes Of US-China Tariff Tension Easing
By Nurunnasihah Ahmad Rashid
KUALA LUMPUR, April 23 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives retreated at the close today as profit-taking kicked in after it jumped to all time high yesterday, amid hopes of eased US-China tariff tension.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said there seems to be some indication that US President Donald Trump is seen to have toned down in his remarks against China, stating the willingness to bring down the tariff rates should a deal be concluded between the two nations.
“Gold prices which have been the main beneficiaries of the prevailing market uncertainties have declined slightly to US$3,338.20 per ounce.
“The sudden rush towards gold was a result of the risk-off sentiment. The US treasury bonds which are deemed as the safe haven assets may have lost its appeal under the current circumstances,” he told Bernama.
It was reported the price of gold rose by approximately two per cent on Tuesday, crossing US$3,500 per troy ounce for the first time in history.
At today’s close, the spot month April 2025 contract fell to US$3,340.60 per troy ounce from US$3,398.70 per troy ounce on Tuesday, and May 2025 contract decreased to US$3,349.60 per troy ounce from US$3,407.70 per troy ounce.
June 2025, July 2025 and August 2025 contracts all dropped to US$3,364.70 per troy ounce from US$3,422.40 per troy ounce yesterday.
Trading volume climbed to 290 lots from 159 lots on Tuesday while open interest increased to 343 contracts from 188 contracts previously.
According to the London Bullion Market Association’s afternoon fix on April 22, physical gold was priced at US$3,433.55 per troy ounce.
-- BERNAMA