By Zarul Effendi Razali
KUALA LUMPUR, Jan 10 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives continued its uptrend for the fourth consecutive day to end the week higher as traders stayed cautious over the policies of the new United States (US) administration under Donald Trump.
SPI Asset Management managing partner Stephen Innes said the recent global bond market cooldown has injected fresh momentum into gold prices.
He said traders are snapping up gold as a hedge against potential inflation from Trump's forthcoming policies and increasing trade war tensions in Asia, which may weaken local currencies.
“This makes gold an attractive option for preserving value against potential currency depreciation as we approach Inauguration Day.
“With the US Non-Farm Payrolls (NFP) report on the horizon tonight and a slight softening of the dollar, gold’s allure has only strengthened,” he told Bernama today.
Spot-month January 2025 contract rose to US$2,692.70 per troy ounce, up from US$2,676.30 on Thursday, while February 2025 contract advanced to US$2,703.10, compared with US$2,687.40 yesterday.
The March 2025, April 2025, and June 2025 contracts also closed higher at US$2,707.30 per troy ounce, from US$2,696.30 previously.
Trading volume rose to 28 lots from 20 lots on Thursday, while open interest widened to 56 contracts from 34 contracts previously.
According to the London Bullion Market Association’s afternoon fix on January 9, the physical gold price stood at US$2,674.60 per troy ounce.
-- BERNAMA
