Gold Futures Close Higher As Investors Focus On US Presidential Election


KUALA LUMPUR, The gold futures contract on Bursa Malaysia Derivatives closed higher on Wednesday amid investors focussing their attention on the United States presidential election next week, said an analyst.

SPI Asset Management managing partner Stephen Innes said the late-stage rally seemed powered by the US election jitters, as investors seek safety in gold amidst heightened uncertainty around the US policy shifts.

‘I would wager that Asian buyers, in particular, will keep adding to gold’s upward momentum, amplifying volatility in the days ahead.

‘As the threat of protectionist US policies looms, we are seeing a clear pivot from vulnerable currencies to safe havens like gold, and that momentum does not look like it is slowing anytime soon,’ he told Bernama.

Spot month October 2024 jumped to US$2,784.0 from Tuesday’s US$2,758.70 per troy ounce, and November 2024 strengthened to US$2,798.90 per troy ounce from US$2,775.0 per troy ounce yesterday.

Meanwhile, December 2024, January 2025 and February 2025
contracts all settled at US$2,807.0 per troy ounce against US$2,783.10 per troy ounce yesterday.

Trading volume, however, increased to 20 lots from seven lots yesterday, while open interest went up to 27 contracts from 18 contracts previously.

According to the London Bullion Market Association’s afternoon fix on October 29, the price of physical gold stood at US$2,769.15 per troy ounce.

Source: BERNAMA News Agency

  • malaysiang

    Related Posts

    King, Queen Extend Deepavali Greetings

    KUALA LUMPUR, His Majesty Sultan Ibrahim, King of Malaysia, and Her Majesty Raja Zarith Sofiah, Queen of Malaysia, today extended their Deepavali greetings to Hindus in the country.

    Their Majesties conveyed their wish through a post on the Sultan Ibr…

    Mavenir Welcomes O-RAN ALLIANCE Report for Spectrum Aggregation in Multi-Vendor Deployments

    RICHARDSON, Texas, Mavenir, the cloud-native network infrastructure provider building the future of networks, today welcomes the publication of a new Technical Report by the O-RAN ALLIANCE, ‘Spectrum Aggregation for Multi-Vendor Deployments’, that eva…