Gold Futures Continue To End Higher On Safe-Haven Demand

KUALA LUMPUR, Jan 29 (Bernama) -- Gold futures on Bursa Malaysia Derivatives closed higher today, mirroring gains in US Comex gold futures as investors continued to turn to safe-haven assets.

SPI Asset Management managing partner Stephen Innes said that after breaking past US$5,500 in early Asian trading, gold is no longer moving like an ordinary commodity.

“Instead, it’s acting as a clear signal of where investors are choosing to park their money, in something familiar, trusted, and widely recognised as a store of value,” he said in a market commentary today.

Innes said that although gold has not yet reached US$6,000, expectations for a continued upward trend are clearly building.

“Once prices move past US$5,500 this decisively, the next phase is no longer about short-term trading. It becomes about longer-term confidence in gold’s role as a hedge and a stabiliser.

“At this stage, prices start moving ahead of forecasts. Analysts begin updating their targets, with first towards US$6,000, and possibly US$6,500, as the market reassesses just how strong and persistent demand for gold has become,” he added.

At the close, the spot month January 2026 contract rose to US$5,516.50 per troy ounce from US$5,295.40 per troy ounce, February 2026 increased to US$5,533.90 per troy ounce from US$5,311.70 per troy ounce, and March 2026 was higher at US$5,552.20 per troy ounce from US$5,330.00 per troy ounce on Wednesday.

The April, June and August 2026 contracts also gained, settling at US$5,569.00 per troy ounce compared with US$5,348.10 per troy ounce previously.

Trading volume was lower at 245 lots from 433 lots yesterday, while open interest fell to 332 contracts from 524 contracts previously.

The price of physical gold was fixed at US$5,277.80 per troy ounce at the London Bullion Market Association afternoon fix on Jan 28, 2026. 

-- BERNAMA