US Dollar Strength Weighs on Gold Futures as Fed Officials Pledge Hawkish Stance
Gold futures on Bursa Malaysia Derivatives closed lower on Wednesday due to a stronger US dollar. According to Stephen Innes, global strategist at Quintex Intel, the greenback remains strong following hawkish comments from Federal Reserve officials.
The spot-month September 2026 contract fell to $4,319.30 per troy ounce from $4,320.80 on Tuesday, while October and November contracts also declined in value. Physical gold was fixed at $4,329.55 per troy ounce at the London Bullion Market Association's afternoon fix on Sept 22.
Innes noted that markets are anticipating an amicable meeting between US President Donald Trump and Chinese President Xi Jinping, which could improve East-West relations. However, he stated that this is not a primary factor driving gold prices today.