Kuala lumpur: Gold futures on Bursa Malaysia Derivatives extended their gains on Wednesday, driven by fiscal concerns in the United States, said an analyst. SPI Asset Management managing director Stephen Innes highlighted gold's ability to rise further despite resilience in the United States Treasury yields and a firm dollar. "Those headwinds have cooled yesterday's blistering rally, but the real test now shifts to the central banks," he told Bernama.

According to BERNAMA News Agency, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid indicated that traders and investors are closely watching this week's labor market data, which will be significant for the Federal Open Market Committee (FOMC) members when they meet on September 16-17. Additionally, the global geopolitical situation has captured the attention of traders and investors, particularly with China showcasing its military strength at an event attended by its allies. This geopolitical tension is expected to influence gold prices further, with spot gold prices having risen to more than US$3,500 per ounce.

At the close of trading, the September 2025 contract increased to US$3,553.70 per troy ounce from US$3,500.20 at Tuesday's close. The October 2025 contract rose to US$3,572.3 per troy ounce from US$3,519.30, while November 2025 climbed to US$3,589.10 per troy ounce from US$3,536.10. The December 2025 contract advanced to US$3,609.50 per troy ounce from US$3,487.10 previously. Additionally, the February 2026, April 2026, and June 2026 contracts all settled higher at US$3,609.5 per troy ounce compared with US$3,556.50 per troy ounce yesterday.

Trading volume surged to 134 lots from 36 lots the previous day, and open interest increased to 160 contracts from 64 contracts previously. Meanwhile, physical gold was priced at US$3,490.00 per troy ounce, based on the London Bullion Market Association's afternoon fix on September 2.