Gold Futures Extend Gains Tracking Firmer COMEX

By Danni Haizal Danial Donald

KUALA LUMPUR, Nov 4 (Bernama) -- Gold futures on Bursa Malaysia Derivatives extended its gains to close higher on Wednesday, tracking firmer performance on the US Commodity Exchange (COMEX).

However, SPI Asset Management managing partner Stephen Innes said the bullion’s direction in the near term remains uncertain, with the lower US dollar and US Treasury yields yet to generate convincing buying interest.

“I foresee traders will need a few days to digest the full monetary and economic implications of the US Mid-Term Elections results.

“For now, the political landscape has changed considerably, but whether that translates into a more dovish US Federal Reserve (Fed) and a sustained weaker US dollar trend remains an open question. Until that becomes clearer, I expect gold will struggle to find a convincing direction,” he told Bernama.

At the close, the new spot month November 2026 contract rose to US$4,058.90 per troy ounce from Tuesday’s close of US$3,916.20, while the December 2026 contract gained to US$4,074.10 from US$3,930.70.

The January 2027, February 2027, April 2027 and June 2027 contracts advanced to US$4,075.20 per troy ounce from US$3,931.80 at the previous close.

Trading volume increased to 211 lots from 99 lots on Tuesday, while open interest rose to 268 contracts from 158 contracts.

Physical gold was fixed at US$3,936.65 per troy ounce at the London Bullion Market Association’s afternoon fixing on Nov 3, 2026.

-- BERNAMA