Gold Futures Close Lower Amid Firmer US Dollar
By K. Naveen Prabu
KUALA LUMPUR, Sept 23 (Bernama) -- Gold futures on Bursa Malaysia Derivatives closed lower on Wednesday as a firmer United States dollar continued to weigh on the precious metal.
Quintex Intel global strategist Stephen Innes said the US dollar remained strong following hawkish comments from several Federal Reserve (Fed) officials.
“For now, the dollar remains the clearest barometer of the Fed's hawkish outlook. As long as the greenback continues to strengthen, gold will struggle to regain its overnight momentum,” he told Bernama.
On the geopolitical front, Innes said markets were also expecting an amicable meeting between US President Donald Trump and Chinese President Xi Jinping, which could help improve East-West relations.
“However, this does not appear to be the main factor driving gold prices today,” he said.
At the close, the spot-month September 2026 contract fell to US$4,319.30 per troy ounce from US$4,320.80 on Tuesday, while October 2026 dropped to US$4,336.30 from US$4,338.00.
The November 2026 contract declined to US$4,353.00 per troy ounce from US$4,354.60 on Tuesday, while December 2026, February 2027 and April 2027 all fell to US$4,360.80 per troy ounce from US$4,362.40 per troy ounce previously.
Trading volume decreased to 217 lots from 371 on Tuesday, while open interest contracted to 274 contracts from 428.
Physical gold was fixed at US$4,329.55 per troy ounce at the London Bullion Market Association's afternoon fix on Sept 22, 2026.
-- BERNAMA