Kuala lumpur: Gold futures on Bursa Malaysia Derivatives closed lower on Thursday, with persistent uncertainty surrounding US tariff policy and ongoing US-Iran negotiations contributing to market dynamics.

According to BERNAMA News Agency, US Trade Representative Jamieson Greer indicated that the US tariff rate for certain countries is set to increase from 10 percent to 15 percent or higher. However, specific trading partners were not named in the statement.

Concurrently, US and Iranian officials convened in Geneva, Switzerland, for a third round of indirect nuclear discussions. These geopolitical developments have injected volatility into the gold market.

SPI Asset Management managing partner Stephen Innes informed that gold exhibited significant choppiness, fluctuating within a narrow range as traders navigated the uncertainty regarding potential escalations with Iran.

At the market close, the spot-month February 2026 contract decreased to US$5,183.80 per troy ounce, down from US$5,190.30 the previous day. The March contract weakened to US$5,202.80 per troy ounce from US$5,209.30 on Wednesday. The April and May contracts also declined to US$5,221.00 per troy ounce from US$5,227.50.

Furthermore, the June and August 2026 contracts settled lower at US$5,254.90 per troy ounce, compared to US$5,261.40 previously. The trading volume fell to nine lots from 19 on Wednesday, while open interest decreased to 86 contracts from 101.

Physical gold was fixed at US$5,191.55 per troy ounce at the London Bullion Market Association afternoon fix on February 25, 2026.