Kuala Lumpur: The gold futures contract on Bursa Malaysia Derivatives closed higher on Thursday, amid a softer-than-expected US Consumer Price Index (CPI) report, which has fuelled expectations among traders for potential interest rate cuts.

According to BERNAMA News Agency, the spot month January 2025 contract rose to US$2,708.90 per troy ounce from Wednesday's US$2,692.30 per troy ounce, while February 2025 increased to US$2,717.40 per troy ounce from US$2,701.50 per troy ounce the previous day.

March 2025, April 2025, and June 2025 contracts all closed higher at US$2,725.50 per troy ounce from US$2,710.20 per troy ounce. Trading volume saw a rise to 57 lots from 47 lots on Wednesday, while open interest expanded to 86 contracts from 69 contracts the previous day.

According to the London Bullion Market Association's afternoon fix on Jan 15, the physical gold price stood at US$2,677.70 per troy ounce.