Gold Futures End Lower Amid Selling In Materials, Mining Stocks

By Engku Shariful Azni Engku Ab Latif

KUALA LUMPUR, Oct 26 (Bernama) -- Gold futures on Bursa Malaysia Derivatives closed lower on Monday due to significant selling in materials stocks and gold-mining shares, an analyst said.

SPI Asset Management managing partner Stephen Innes said gold prices had edged higher as buyers returned to the market following last week’s sharp sell-off.

“I would not consider this an all-clear signal. The market is still recovering from significant losses incurred during last week's de-risking,” he told Bernama.

Innes said traders will remain cautious ahead of the US Federal Reserve’s (Fed) policy meeting this week. He does not anticipate a hawkish surprise, especially considering the extent to which financial conditions have already tightened due to higher yields and the fallout from crowded artificial intelligence (AI) trades.

“For gold, the bigger question is whether the forced selling has finally run its course. Until we get a better sense of that, even the friendliest macro backdrop might struggle to get gold moving sustainably higher,” said Innes.

At the close, the October 2026 contract eased to US$4,017.3 per troy ounce from US$4,027.6 last Friday, and the November 2026 contract decreased to US$4,033.0 from US$4,043.6 previously.

The December 2026, January 2027, February 2027 and April 2027 contracts all edged down to US$4,048.2 per troy ounce from US$4,059.2 previously.

Trading volume rose to 94 lots from 85 lots last Friday, while open interest increased to 177 contracts from 163 previously.

Physical gold was fixed at US$4,013.3 per troy ounce at the London Bullion Market Association's afternoon fixing on Oct 23, 2026.

-- BERNAMA