Kuala lumpur: Gold futures on Bursa Malaysia Derivatives ended stronger on Wednesday, tracking a global market rally as prices soared to a new all-time high of over US$4,800 per troy ounce.

According to BERNAMA News Agency, SPI Asset Management managing partner Stephen Innes said the bullion's strong performance was driven by a mixture of geopolitical uncertainties and fiscal unease. He noted that United States President Donald Trump's renewed rhetoric over the annexation of Greenland has injected fresh political risk into markets. However, more significant was the broader bond market sell-off, which has reignited long-standing concerns over rising government debt and fiscal credibility.

Innes mentioned that at one point during the Asian session, gold was up more than US$100. The move cooled into the afternoon after reports that Japan's second-largest bank would step in to buy large amounts of domestic bonds, which helped steady the Japanese Government Bond (JGB) market, at least temporarily. He emphasized that the bigger picture has not changed as when bond markets wobble and confidence in fiscal discipline fades, gold remains the asset investors instinctively reach for.

At the close, the spot month January 2026 contract increased to US$4,880.40 per troy ounce from US$4,741.10 per troy ounce on Tuesday. February 2026 rose to US$4,896.30 per troy ounce from US$4,756.50 per troy ounce yesterday, and March 2026 climbed to US$4,914.80 per troy ounce from US$4,774.20 per troy ounce previously. The April, June, and August 2026 contracts were also higher, settling at US$4,932.60 per troy ounce compared with US$4,792.40 per troy ounce yesterday.

Trading volume jumped to 351 lots from 152 lots on Tuesday, while open interest advanced to 421 contracts from 228 contracts previously. Physical gold was fixed at US$4,723.95 per troy ounce at the London Bullion Market Association afternoon fix on Jan 20, 2026.