Kuala Lumpur: The gold futures contract on Bursa Malaysia Derivatives closed higher on Thursday, despite the global gold market experiencing a downturn due to the United States Federal Reserve’s hawkish stance on US bonds, an analyst reported.

According to BERNAMA News Agency, Stephen Innes, managing director of SPI Asset Management, noted that gold has retracted from its recent peaks, with the market beginning to exhibit signs of fatigue. He attributed this to Fed chairman Jerome Powell’s stern tone and a return to more orderly behavior in the bond market, where yields are rising on strong equity days and falling when market sentiment weakens. Innes pointed out the contrast to the previous week’s fear-driven environment, marked by concerns over dysfunction in the US Treasury market and rumors of a buyer strike, which had left traders questioning the functioning of the bond market.

At the close of trading, the spot month April 2025 contract rose to US$3,329.90 per troy ounce from US$3,311.60 per troy ounce on Wednesday. The May 2025 contract increased to US$3,340.30 per troy ounce from US$3,322.00 per troy ounce the day before. Additionally, the June 2025, July 2025, and August 2025 contracts all climbed to US$3,355.00 per troy ounce from US$3,336.70 per troy ounce previously.

Trading volume saw an increase to 411 lots from 371 lots on Wednesday, while open interest rose to 455 contracts from 426 contracts previously. According to the London Bullion Market Association’s afternoon fix on April 16, physical gold was priced at US$3,322.90 per troy ounce.