Gold Futures End Higher On Rising Uncertainty Over New US Tariff Regime

By Zufazlin Baharuddin

KUALA LUMPUR, Feb 23 (Bernama) -- Gold futures on Bursa Malaysia Derivatives ended higher on Monday on rising uncertainty over the new US tariff regime.

On Feb 20, the US Supreme Court struck down US President Donald Trump’s International Emergency Economic Powers Act (IEEPA)-based tariffs, including his reciprocal tariffs.  

Hours after the court ruling, Trump announced plans to raise the global baseline tariff to 10 per cent before raising it further on Saturday to 15 per cent.

SPI Asset Management managing partner Stephen Innes said traders are questioning whether Trump’s executive authority to impose tariffs without clear congressional backing is sustainable.

“That legal and political uncertainty is driving safe haven demand,” he told Bernama. 

At the close, the spot-month February 2026 contract increased to US$5,157.80 per troy ounce from US$5,046.30 last Friday.

March rose to US$5,174.80 per troy ounce from US$5,063.30 at the end of last week, while both April and May improved to US$5,192.60 per troy ounce from US$5,081.10.

The June and August 2026 contracts also settled higher at US$5,226.50 per troy ounce, up from US$5,115.0 previously.

Trading volume decreased to six lots from 10 lots on Friday, and open interest eased to 91 contracts from 98 contracts previously. 

Physical gold was fixed at US$5,053.20 per troy ounce at the London Bullion Market Association afternoon fix on Feb 20, 2026. 

-- BERNAMA