Gold Futures Ease On Profit-Taking Activities

By Siti Radziah Hamzah

KUALA LUMPUR, Feb 6 (Bernama) -- Gold futures on Bursa Malaysia Derivatives eased slightly today as the market took a breather after yesterday’s gains. 

SPI Asset Management managing partner Stephen Innes said gold prices remained resilient amid the ongoing economic and geopolitical tensions, but both are starting to cool off slightly heading into the US market opening.

He noted that with tariff concerns easing, the market’s attention was shifting toward key US macro data, where the next 1.0 per cent dollar move whether it is higher or lower could be dictated by Friday’s non-farm payrolls report.

Hence, gold's inverse correlation might come into more prominent play as the market ends the week, added Innes.

“Given this setup, we might see some profit-taking in gold if there’s no fresh tariff bombshell from US President Donald Trump before tomorrow’s data drop.

“However, I believe gold prices remain firm with an upside bias -- especially as we approach April 1, the deadline Trump set for his advisors to present a trade imbalance-driven tariff strategy. In other words, the gold bulls are not going anywhere,” he told Bernama.

The spot-month February 2025 contract fell to US$2,858.0 per troy ounce from Wednesday’s US$2,866.90 per troy ounce.   

The March 2025 contract went down to US$2,869.0 per troy ounce from US$2,877.90 per troy ounce yesterday.  

The April 2025, May 2025 and June 2025 contracts were easier at US$2,876.40 per troy ounce from US$2,884.90 per troy ounce.   

Trading volume declined to 18 lots from 97 lots on Wednesday, while open interest decreased to 51 contracts from 133 contracts.   

According to the London Bullion Market Association’s afternoon fix on Feb 5, the price of physical gold stood at US$2,871.15 per troy ounce.

-- BERNAMA