Gold Futures Extend Gains On Weaker US Dollar

By Rosemarie Khoo Mohd Sani

KUALA LUMPUR, Aug 6 (Bernama) -- Gold futures on Bursa Malaysia Derivatives extended their gains today, building on the previous session's sharp rally as the weaker US dollar continued to underpin demand for the precious metal.

SPI Asset Management managing partner Stephen Innes said upside momentum for the bullion was expected to remain capped ahead of the closely watched US non-farm payrolls (NFP) report on Friday.

He said the gold price gained about 0.5 per cent today after surging four per cent yesterday, driven by mounting concerns over global debt levels and unease surrounding the US Federal Reserve's (Fed) new policy framework. "At its core, the gold market is reconnecting with a weaker US dollar, although traders may be reluctant to chase the move too aggressively before the next major US labour market signal," Innes told Bernama.

He said while momentum remained positive, investors are likely to stay cautious ahead of the US jobs data, which could offer fresh clues on the Fed's interest rate outlook and influence the direction of both the US dollar and bullion prices.

At the close, the spot-month August 2026 contract rose to US$4,298.90 per troy ounce from US$4,174.20 on Wednesday, while the September 2026 note rose to US$4,312.80 from US$4,186.40 previously. 

The October 2026, November 2026, and December 2026 contracts all increased to US$4,326.20 per troy ounce, up from US$4,200.00 yesterday.

Trading volume was lower at 286 lots, down from 312 on Wednesday, while open interest eased to 366 contracts, down from 381 previously.

Physical gold was fixed at US$4,206.60 per troy ounce at the London Bullion Market Association’s afternoon fix on Aug 5, 2026. 

-- BERNAMA