By Siti Noor Afera Abu
KUALA LUMPUR, June 13 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives closed higher on Friday as renewed geopolitical concerns, following Israel’s airstrikes on Iranian nuclear facilities, spurred safe-haven demand.
SPI Asset Management managing partner Stephen Innes said the market was already showing bullish momentum after softer US inflation data earlier in the week raised hopes for a US Federal Reserve (Fed) interest rate cut. “The combination of rising geopolitical risks and a dovish macro backdrop lit a fire under bullion,” he told Bernama.
The spot-month June 2025 contract rose to US$3,430.2 per troy ounce from Thursday’s US$3,368.5, while the July 2025 note increased to US$3,438.7 from US$3,377.0 yesterday. The August, September, and October 2025 contracts improved to US$3,458.2 per troy ounce from US$3,396.5 previously.
Trading volume improved to 56 lots versus 44 lots on Thursday, while open interest retreated to 50 contracts from 69 contracts.
Physical gold was priced at US$3,391.4 per troy ounce, according to the London Bullion Market Association’s afternoon fix on June 12.
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