By Abdul Hamid A Rahman
KUALA LUMPUR, July 1 (Bernama) -- Gold futures contract on Bursa Malaysia Derivatives ended higher today, supported by growing expectations of interest rate cut by the United States (US) Federal Reserve (Fed), said SPI Asset Management managing partner Stephen Innes.
He added that investors will closely watch the US ISM manufacturing data which will released today.
“If the report points to weaker demand, such as declines in prices paid, new orders, or employment, it could further weigh on the US dollar and offer additional support for gold,” he told Bernama.
The spot-month July 2025 contract rose to US$3,358.30 per troy ounce from US$3,296.80 per troy ounce on Monday, while August and September 2025 increased to US$3,373.10 from US$3,312.50 per troy ounce respectively.
The October and December 2025 contracts surged to US$3,406.80 per troy ounce from Monday’s US$3,312.50 per troy ounce respectively.
Trading volume jumped to 19 lots versus three lots previously, while open interest increased to 35 contracts from 24 contracts.
Physical gold was priced at US$3,287.45 per troy ounce, according to the London Bullion Market Association’s afternoon fix on June 30.
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