Gold Futures End Higher

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, Nov 5 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives closed higher today as the United States (US) election draws near.

SPI Asset Management managing partner Stephen Innes said he expects gold to perform well regardless of the election outcome, due to persistent geopolitical tensions.

“Looking back, gold saw a 55 per cent price surge during Donald Trump’s term, fueled by the trade war, and it rose by another 45 per cent under Joe Biden, driven by ballooning budget deficits.

“The pattern is clear: expansionary policies have been a boon for gold, regardless of who's in the US Oval Office,” he told Bernama.

He said that if Kamala Harris wins, the dollar could weaken and bond yields may slide -- both typically bullish signals for gold, but if Trump wins, it could mean higher tariffs on China and possibly on other trading partners, which could also keep gold attractive as a safe haven.

“However, there’s a bit of hesitation in the gold market -- investors are wary that a Trump win might drive the US dollar and bond yields higher, which could weigh on gold.

“In essence, we’re in a bit of a muddled situation, where the path forward for gold hinges not only on who claims the White House but also on who controls the US Congress.

“Until we see the full deck of election results, it’s wise to avoid any bold moves in the gold market just yet,” he added. 

Spot month November 2024 rose to US$2,753.50 per troy ounce from Monday’s US$2,752.40 per troy ounce, and December 2024 increased to US$2,766.40 per troy ounce from US$2,764.20 per troy ounce previously. 

Meanwhile, January 2025, February 2025 and April 2025 contracts all settled higher at US$2,766.40 per troy ounce against US$2,764.20 per troy ounce yesterday.   

Trading volume increased to nine lots from Monday’s six lots, while open interest went up to 17 contracts from 13 contracts previously.

According to the London Bullion Market Association’s afternoon fix on November 4, the price of physical gold stood at US$2,742.60 per troy ounce.

-- BERNAMA