Kuala Lumpur: The gold futures contract on Bursa Malaysia Derivatives ended mostly higher on Wednesday amid fears of tariff escalation following the anticipated meeting between United States President Donald Trump and China President Xi Jinping, said an analyst.

According to BERNAMA News Agency, SPI Asset Management managing partner Stephen Innes noted that a breakdown in talks could reignite fears of escalating tariffs, which would be supportive of gold prices.

He explained, "However, a positive outcome from the meeting would limit gold's gains in the near term, reflecting a shift towards riskier assets and higher US interest rates."

The new spot-month June 2025 contract rose to US$3,377.70 per troy ounce from US$3,372.90 per troy ounce on Tuesday. In contrast, the July 2025 contract decreased to US$3,379.50 per troy ounce from US$3,386.60 per troy ounce previously.

Meanwhile, the August, September, and October 2025 contracts climbed to US$3,403.10 per troy ounce from US$3,397.80 per troy ounce previously.

Trading volume increased significantly to 62 lots from 32 lots on Tuesday, while open interest expanded to 77 contracts from 55 contracts previously.

Physical gold was priced at US$3,334.75 per troy ounce, according to the London Bullion Market Association's afternoon fix on June 3.