Gold futures on Bursa Malaysia Derivatives ended slightly higher, supported by a weaker U.S. dollar, despite ongoing concerns about a global trade war. SPI Asset Management’s managing director, Stephen Innes, noted that while there had been a sharp decline in gold prices due to initial optimism about a potential trade war truce, the metal is beginning to recover as markets reassess the situation.
Innes pointed out that Washington’s peace efforts remain unclear, and the inconsistent messages surrounding tariffs continue to create uncertainty. “Until there is a consistent message or a credible framework for resolution, gold remains a go-to hedge in the uncertainty,” he said.
As of today’s close, the spot month April 2025 contract decreased slightly to $3,338.70 per troy ounce, down from $3,340.60 on Wednesday. The May 2025 contract also saw a small dip, settling at $3,347.70 per troy ounce, compared to $3,349.60 the previous day. However, the June, July, and August 2025 contracts inched up slightly to $3,364.90 per troy ounce, from $3,364.70 on Wednesday.
Trading volume fell to 243 lots from 290 lots on Wednesday, while open interest decreased to 271 contracts from 343 contracts previously.
According to the London Bullion Market Association’s afternoon fix on April 23, the price of physical gold was set at $3,262.95 per troy ounce.
Outlook and Market Dynamics
The persistent uncertainty surrounding global trade tensions continues to support gold as a safe-haven asset. As long as the trade war remains unresolved and market sentiment fluctuates, gold is likely to retain its appeal for investors seeking protection from geopolitical risk and currency instability. The gold market’s response to these developments will be closely watched in the coming days as the situation evolves.
