Gold Futures Surge At Close As Us Tariffs Strike Canada, Mexico And China

By Siti Radziah Hamzah

KUALA LUMPUR, March 4 (Bernama) -- Gold futures on Bursa Malaysia Derivatives surged at the close on Tuesday as investors turned to safe haven assets after US President Donald Trump confirmed tariffs on Canada, Mexico and China.

SPI Asset Management managing partner Stephen Innes said the gold market today experienced a strong bid, fuelled by the triple threat of tariff escalation, heightened geopolitical risk in Ukraine, and rising odds for a US Federal Reserve rate cut.

“The tariff barrage added another layer of global uncertainty, sending investors running for safe havens. Meanwhile, the growing tensions in Ukraine piled on the geopolitical risk premium, further boosting gold’s appeal. And let’s not forget the pressure mounting on the US dollar. With economic data flashing warning signs, rate cut bets are ramping up, weighing on the greenback and making gold even more attractive,” he told Bernama.

The spot month March 2025 contract increased to US$2,928.30 per troy ounce from US$2,878.20 on Monday, while April 2025 went up to US$2,939.10 from US$2,887.40. 

The May 2025, June 2025, and August 2025 notes all rose to US$2,939.10 per troy ounce from US$2,887.40 yesterday. 

The trading volume bounced to 62 lots from 12 lots, while open interest widened to 98 contracts from 53 contracts previously.  

According to the London Bullion Market Association’s afternoon fix on March 3, physical gold was priced at US$2,880.70 per troy ounce.

-- BERNAMA