KUALA LUMPUR: Gold futures on Bursa Malaysia Derivatives surged on Friday, tracking a global rally as prices hit a new record of US$2,990.21 an ounce.
SPI Asset Management’s Stephen Innes said the jump was driven by growing investor flight to safe-haven assets, spurred by US President Donald Trump’s escalating tariffs and global growth concerns.
On Thursday, Trump threatened a 200 per cent tariff on European wine, champagne, and alcohol imports, while reaffirming steel and aluminum levies, set to take effect on April 2.
March 2025 contracts surged to US$2,999.60, while April contracts hit US$3,009.90. Contracts for May, June, and August 2025 rose to US$3,019.90.
Trading volume rose to 419 lots from 281, with open interest climbing to 454 contracts.
Physical gold was priced at US$2,974.05 per ounce, according to the London Bullion Market Association’s March 13 fix.- BERNAMA
