Kuala Lumpur: Gold futures on Bursa Malaysia Derivatives increased on Monday as demand rebounded amid uncertainty in the global economy, said an analyst. SPI Asset Management managing partner Stephen Innes told Bernama that the Ukraine conflict looms over the markets, injecting a persistent risk premium into the mix.

According to BERNAMA News Agency, geopolitical uncertainty is significantly impacting the market. Innes noted that the unpredictability in global politics is a key factor driving the increased demand for gold. He explained that the current situation has made gold an attractive asset as traders seek stability amidst the chaos.

Innes added that if Donald Trump follows through with his tariff promises, this may likely nudge gold prices higher. He mentioned that traders, hedgers, and speculators are cautious and are buying gold, although the activity is not as intense as it has been in recent times.

The new spot month March 2025 increased to US$2,878.20 per troy ounce against US$2,867.20 per troy ounce on Friday, while April 2025 went up to US$2,887.40 per troy ounce from US$2,879.90 per troy ounce previously. Meanwhile, May 2025, June 2025, and August 2025 all stood at US$2,887.40 per troy ounce.

Trading volume fell to 12 lots from 32 lots on Friday, while open interest widened to 53 contracts from 37 contracts previously. According to the London Bullion Market Association’s afternoon fix on Feb 28, physical gold was priced at US$2,834.55 per troy ounce.