Gold Futures Rebound To Close Higher

KUALA LUMPUR, Feb 18 (Bernama) -- Gold futures on Bursa Malaysia Derivatives rebounded to end higher, driven by safe-haven demand amid concerns surrounding the Russia-Ukraine peace talks.

It was reported that top diplomats from the United States and Russia met in Saudi Arabia to discuss the possibility of ending the war in Ukraine. 

The meeting followed separate phone calls made last week by US President Donald Trump with both Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy, in a bid to end the three-year war, according to Anadolu Ajansi, a Turkiye-based news agency.

Leaders from several major European countries gathered in Paris on Monday, at the invitation of French President Emmanuel Macron, to discuss transatlantic relations, the situation in Ukraine, possible peace negotiations, and security in Europe.

US-European relations deteriorated this month after Trump initiated direct discussions with Putin about Ukraine peace talks without European involvement.

At home, the spot-month February 2025 contract rose to US$2,911.10 per troy ounce from US$2,903.90 on Monday, while the March 2025 contract increased to US$2,918.20 from US$2,911.00.  

April, May and June 2025 contracts went up to US$2,925.40 per troy ounce from Monday’s US$2,916.50. 

Trading volume, however, remained low at 37 lots from 50 on Monday, while open interest improved to 103 contracts from 74.  

According to the London Bullion Market Association’s afternoon fix on February 17, physical gold was priced at US$2,900.50 per troy ounce.  

-- BERNAMA