Gold Futures End Higher, Bucking Weakness On COMEX

By Danni Haizal Danial Donald

KUALA LUMPUR, Nov 3 (Bernama) -- Gold futures on Bursa Malaysia Derivatives closed higher on Tuesday, bucking the weaker performance on the US Commodity Exchange (COMEX), although the precious metal remained under pressure from technical selling.

SPI Asset Management managing partner Stephen Innes said technical selling continues to weigh on the market, following gold falling below key support levels in recent months.

“This trend could persist until gold stages a convincing recovery above US$4,000 per troy ounce. Until then, traders are likely to favour selling into price rallies rather than chasing further gains.

“While the longer-term outlook for gold remains fundamentally intact, the market is currently being driven more by technical weakness than by conventional macroeconomic factors,” he told Bernama.

At the close, the new spot month November 2026 contract rose to US$3,916.20 per troy ounce from Monday’s close of US$3,911.90, while the December 2026 contract gained to US$3,930.70 from US$3,926.40.

The January 2027, February 2027, April 2027 and June 2027 contracts advanced to US$3,931.80 per troy ounce from US$3,927.50 at the previous close.

Trading volume increased to 99 lots from 13 lots on Monday, while open interest rose to 158 contracts from 97 contracts.

Physical gold was fixed at US$3,955.25 per troy ounce at the London Bullion Market Association’s afternoon fixing on Nov 2, 2026.

-- BERNAMA