Gold Futures Likely To Trade Lower Next Week On Oil Price Uncertainty

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, July 25 (Bernama) -- Gold futures on Bursa Malaysia Derivatives are expected to trade lower next week, with crude oil prices to be the key driver amid tensions in West Asia.

SPI Asset Management managing partner Stephen Innes said gold remains inversely correlated with oil prices in the current environment.

“If oil moves higher, gold is likely to come under pressure, while a retreat in crude should provide support for the precious metal.

“That said, there appears to be structural support around the US$4,000 per troy ounce level,” he told Bernama. 

Inness said China’s central bank was still buying gold in May, and the suspicion is that official-sector demand remains one of the market’s primary sources of support.

“For next week, I expect gold to trade within a US$4,010 to US$4,110 per troy ounce range,” he said.

On a week-on-week basis, the spot-month July 2026 contract rose to US$4,054.50 per troy ounce on Friday from US$4,003.50 per troy ounce previously, August 2026 edged up to US$4,074.20 per troy ounce from US$4,021.70 per troy ounce, and the September 2026 contract gained to US$4,087.00 per troy ounce from US$4,034.70 per troy ounce.

The October and December 2026 contracts strengthened to US$4,117.50 per troy ounce from US$4,065.20 at the end of the previous week.

The weekly trading volume jumped to 626 lots from 450 lots, while open interest increased to 210 contracts yesterday from 202 contracts a week earlier.

Physical gold was fixed at US$4,044.90 per troy ounce at the London Bullion Market Association's afternoon fix on July 23, 2026.

-- BERNAMA