Kuala lumpur: The gold futures contract on Bursa Malaysia Derivatives closed lower on Monday as the US dollar strengthened, analysts said.

According to BERNAMA News Agency, investors are waiting for details on the trade front ahead of United States President Donald Trump’s tariff negotiation deadline. SPI Asset Management managing partner Stephen Innes noted that gold prices had dropped by nearly one per cent due to the firming of the US dollar, influenced by the BRICS tariff discussions.

Innes remarked that despite this drop, gold remains up over 25 per cent for the year, serving as a significant long-duration insurance policy. “Traders aren’t throwing it away. They’re just repositioning in case the BRICS game speeds up,” Innes stated in his note.

The spot-month July 2025 contract decreased to US$3,320.80 per troy ounce from US$3,351.30 last Friday. Similarly, the August 2025 contract fell to US$3,335.90 from US$3,366.40, and the September 2025 contract declined to US$3,350.80 from its previous US$3,381.30. The October 2025, December 2025, and February 2026 contracts each eased to US$3,369.60 from Friday’s US$3,400.10.

Trading volume reduced to 21 lots compared to 48 lots the previous week, while open interest decreased to 41 contracts from 84 contracts. Physical gold was priced at US$3,331.90 per troy ounce, according to the London Bullion Market Association’s afternoon fix on July 3, 2025.