KUALA LUMPUR, The gold futures contract on Bursa Malaysia Derivatives is expected to trade in a tight range next week, tracking the performance of COMEX gold.
SPI Asset Management managing director Stephen Innes noted that the gold market has bounced back after a recent sell-off following global de-risking across the board as investors scrambled to sell for cash.
‘Now that the panic is easing, gold is likely to move in tandem with the US dollar, which will heavily depend on how the United States data shapes up and how much dovishness the Federal Reserve is willing to deliver to the market.
‘We are expecting the gold price to range between US$2,410 per troy ounce and US$2,450 per troy ounce,’ he told Bernama.
On a Friday-to-Friday basis, spot month August 2024 fell to US$2,427.40 per troy ounce from US$2,474.50 per troy ounce in the preceding week.
Meanwhile, September 2024, October 2024, November 2024, December 2024, and February 2025 all settled lower at US$2,431.10 per troy ounce from US$2,474.50 per
troy ounce previously.
Volume rose to 162 lots from 150 lots last week, while open interest eased to 56 contracts against 77 contracts previously.
The price of physical gold stood at US$2,411.45 per troy ounce, according to the London Bullion Market Association’s afternoon fix on Aug 8.
Source: BERNAMA News Agency