Gold Futures End Firmer On Softer US Dollar, Oil Prices

By Danni Haizal Danial Donald

KUALA LUMPUR, May 6 (Bernama) -- Gold futures on Bursa Malaysia Derivatives pared yesterday’s losses to close higher on Wednesday, as a softer US dollar and crude oil prices lifted market sentiment.

SPI Asset Management managing partner Stephen Innes said the precious metal gained momentum after crude oil prices slumped following President Donald Trump’s announcement on a potential resolution with Iran.

“The bullion rebound reflects both renewed safe haven demand and a recalibration of market expectations surrounding the trajectory of US monetary policy, should geopolitical risks continue to moderate.

“Lower treasury yields tend to weaken the US dollar and improve the relative attractiveness of non-interest-bearing assets such as gold,” he told Bernama.

Looking ahead, Innes said markets are likely to remain highly sensitive to developments surrounding Iran and the Strait of Hormuz, with gold expected to continue reacting closely to shifts in oil prices, US Treasury yields and broader global risk sentiment.

At the close, the spot-month May 2026 contract rose to US$4,726.70 per troy ounce from US$4,580.60 on Tuesday, while June 2026 strengthened to US$4,740.70 per troy ounce from US$4,593.80.

The July, August and October 2026 contracts also settled higher at US$4,755.70 per troy ounce, compared with US$4,608.30 previously. 

Trading volume slipped to 15 lots from 33 lots on Tuesday, while open interest inched down to 80 contracts from 99 contracts previously.

Physical gold was fixed at US$4,576.80 per troy ounce at the London Bullion Market Association afternoon fix on May 5, 2026.

-- BERNAMA