Gold Futures Expected To Hover Around US$4,250-US$4,350 Next Week
By Rosemarie Khoo Mohd Sani
KUALA LUMPUR, Aug 8 (Bernama) -- Gold futures on Bursa Malaysia Derivatives are expected to extend their gains next week, supported by firmer spot gold prices, which are projected to hit between US$4,250 and US$4,350 per troy ounce, while also tracking COMEX gold performance.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said spot gold prices have performed strongly this week, rising to US$4,305.69 per troy ounce, in tandem with the decline in crude oil prices following reports of the possible reopening of the Strait of Hormuz.
He also said an update from the World Gold Council showed that demand for gold exchange-traded funds (ETFs) remained encouraging, recording a total of US$3 billion net inflows in the gold market during July. This reversed two consecutive months of outflows.
“However, uncertainties in the US interest rate direction would put a cap to gold prices,” Mohd Afzanizam told Bernama.
Meanwhile, Quintex Intel global strategist Stephen Innes said gold briefly came under pressure on Thursday night as a rebound in oil prices revived inflation concerns, but it recovered swiftly.
“The metal has since broken back above US$4,300 per troy ounce, with fiscal concerns, persistent central-bank demand and strong Asian retail buying continuing to provide a firm underlying bid,” he said.
On a week-on-week basis, new spot-month August 2026 contract increased to US$4,322.90 per troy ounce yesterday from US$4,067.90 per troy ounce on the previous Friday, and the September 2026 contract advanced to US$4,335.80 per troy ounce from US$4,080.00 per troy ounce.
The October 2026 and December 2026 contracts both rose to US$4,349.20 per troy ounce from US$4,110.50 at the end of the previous week.
The November 2026 contract stood at US$4,349.20 per troy ounce.
The weekly trading volume jumped to 1,263 lots from 776 lots last week, while open interest increased to 477 contracts from 359 contracts a week earlier.
Physical gold was fixed at US$4,267.85 per troy ounce at the London Bullion Market Association’s afternoon fix on Aug 6, 2026.
-- BERNAMA