Gold Futures Settle Higher On Softer US Dollar, Easing Treasury Yields

By Fatin Umairah Abdul Hamid

KUALA LUMPUR, July 23 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives settled higher on Wednesday, buoyed by a softer US dollar and easing United States (US) Treasury yields, said an analyst.

SPI Asset Management managing partner Stephen Innes told Bernama that the safe-haven metal gained after the US-Japan trade deal sparked a regional risk-on rally.

On Tuesday, US President Donald Trump struck a trade deal with Japan, which included cutting US tariffs on the country to 15 per cent from 25 per cent.

Innes said gold prices were also influenced by growing concerns over Trump’s public criticism of Federal Reserve chair Jerome Powell, as Trump pushed for interest rate cuts that could benefit the economy in the short term.

At the close, the spot-month July 2025 contract rose to US$3,442.2 per troy ounce from US$3,395.90 per troy ounce on Tuesday, the August 2025 contract increased to US$3,460.5 per troy ounce from US$3,414.20 yesterday, and the September 2025 contract climbed to US$3,466.4 per troy ounce from US$3,420.10.

The October 2025, December 2025, and February 2026 contracts also settled higher at US$3,495.6 per troy ounce from US$3,449.30 previously.

Trading volume declined to 30 lots from 52 lots, while open interest widened to 58 contracts from 28.

Physical gold was priced at US$3,409.85 per troy ounce based on the London Bullion Market Association’s afternoon fix on July 22, 2025.

-- BERNAMA