Trafigura Bolsters Bullion Desk as Asia’s Halal Gold Demand Climbs

Commodity trader Trafigura Group has recruited Joseph Bou Sleiman, Xavier Miserez and Maxime Piccot—veterans of precious-metals specialists MKS Pamp and OCIM—to build a desk focused on gold and silver doré, according to people familiar with the matter. The hires deepen the firm’s push into bullion trading, a segment that has delivered strong margins as spot prices hover near record highs. Trafigura’s expansion comes against the backdrop of broadening demand for physical gold in Asia. Banks in Malaysia have begun offering ‘halal’ gold savings and investment products that comply with Islamic finance rules barring interest payments, while a newly opened high-security vault outside Kuala Lumpur is catering to retail and institutional clients seeking Shariah-compliant storage. Industry executives say the combination of elevated prices, geopolitical uncertainty and growing interest from Muslim investors is drawing fresh capital into bullion. The trend has also attracted wealthy Asian families, who are increasingly trading physical gold for short-term gains, adding liquidity to regional markets.