By Danni Haizal Danial Donald
KUALA LUMPUR, May 8 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives ended its three-day winning streak to close lower on Thursday, tracking the losses in COMEX gold, said an analyst.
SPI Asset Management managing partner Stephen Innes said with full market liquidity returning, traders quickly stepped in and drove prices lower as markets began factoring in the next phase of trade talk developments.
“Momentum is moving rapidly now, with regional markets anticipating a series of trade deals starting tomorrow. (This is) likely to reduce demand for risk hedges and further dampen gold's appeal,” he told Bernama.
At today’s close, the spot month May 2025 contract decreased to US$3,349.30 per troy ounce from US$3,387.10 on Wednesday.
The June 2025, July 2025, August 2025 and October 2025 contracts fell to US$3,362.30 per troy ounce from US$3,400.00 previously.
The trading volume slipped to 102 lots from 106 lots on Wednesday, while open interest eased to 125 contracts from 129 previously.
According to the London Bullion Market Association’s afternoon fix on May 7, physical gold was priced at US$3,392.25 per troy ounce.
-- BERNAMA
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