Stronger US Dollar Weighs Heavily on Gold Futures
Gold futures on Bursa Malaysia Derivatives closed lower on Tuesday as a stronger US dollar put pressure on gold.
Quintex Intel global strategist Stephen Innes attributed the rise in the US dollar to hawkish comments from Federal Reserve officials, particularly Chicago Fed president Austan Goolsbee, who warned of persistent inflation risks.
Innes noted that markets are still trying to determine the Fed's interest rate path beyond year-end, with foreign exchange traders leaning towards a more hawkish outlook than previously expected.
The stronger dollar and uncertainty over the Fed's future moves weighed on gold prices during the Asian session, leading to significant declines in futures contracts for September 2026, October 2026, November 2026, December 2026, February 2027, and April 2027.