Gold Futures Extend Gains, Fueled By Fiscal Anxieties
By Fatin Umairah Abdul Hamid
KUALA LUMPUR, Sept 3 (Bernama) -- Gold futures on Bursa Malaysia Derivatives extended their gains on Wednesday, driven by fiscal concerns in the United States (US), said an analyst.
SPI Asset Management managing director Stephen Innes said the striking factor was gold’s ability to rise further despite resilience in the United States Treasury yields and the firm dollar.
“Those headwinds have cooled yesterday’s blistering rally, but the real test now shifts to the central banks,” he told Bernama.
Meanwhile, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama that traders and investors are bracing for this week's labour market data, which will be an important input for the Federal Open Market Committee (FOMC) members when they meet on Sept 16-17.
At the same time, the global geopolitical situation is also on traders' and investors' radar this week, with China parading its military might at an event attended by its allies.
"As a result, we could see gold prices ratcheting up, with spot gold prices having risen to more than US$3,500 per ounce," he added.
At the close, the September 2025 contract increased to US$3,553.70 per troy ounce from US$3,500.20 at the close on Tuesday.
The October 2025 contract rose to US$3,572.3 per troy ounce from Tuesday’s close of US$3,519.30, November 2025 climbed to US$3,589.10 per troy ounce from US$3,536.10, and December 2025 advanced to US$3,609.50 per troy ounce from US$3,487.10 previously.
At the same time, the February 2026, April 2026 and June 2026 contracts all also settled higher at US$3,609.5 per troy ounce compared with US$3,556.50 per troy ounce yesterday.
Trading volume advanced to 134 lots from 36 lots yesterday, while open interest rose to 160 contracts from 64 contracts previously.
Physical gold was priced at US$3,490.00 per troy ounce based on the London Bullion Market Association’s afternoon fix on Sept 2.
-- BERNAMA