Kuala lumpur: Gold futures on Bursa Malaysia Derivatives ended lower on Tuesday as investors traded with a cautious stance amid rising uncertainties surrounding the escalating war involving the United States-Israel and Iran, which weighed on market sentiment.

According to BERNAMA News Agency, SPI Asset Management managing partner Stephen Innes noted the current situation is tricky because the market's usual signals are not matching the price movements. He explained that typically, if tensions between the US-Israel and Iran ease, oil prices should fall, the US dollar should weaken, and global yields should drop. In such cases, gold usually benefits, not because fear is rising, but because holding it becomes less costly as real yields decline.

Markets in Malaysia were closed on March 20 (Friday) and March 23 (Monday) in conjunction with Hari Raya Aidilfitri.

At the close, the spot-month March 2026 contract slipped to US$4,415.9 per troy ounce from US$4,720.10 on Thursday, April 2026 fell to US$4,436.0 per troy ounce from US$4,740.20, and May 2026 slid to US$4,456.2 per troy ounce from US$4,760.4 previously. The June, August, and September 2026 contracts also settled lower at US$4,490.10 per troy ounce compared with US$4,794.30 on Thursday.

Trading volume fell to 11 lots from 34 lots on Thursday, while open interest weakened to 76 contracts from 88 contracts previously. Physical gold was fixed at US$4,466.25 per troy ounce at the London Bullion Market Association afternoon fix on March 23, 2026.