By Anas Abu Hassan
KUALA LUMPUR, Sept 7 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives is likely to continue trading range-bound with upward bias next week, taking the cue from the US COMEX gold market, said a dealer.
SPI Asset Management managing director Stephen Innes noted that the gold market is expected to track the US dollar performance amid growing anticipation of extensive United States (US) interest rate cuts.
"Expect gold to dance to the US dollar’s tune, with any gold weakness getting snapped up quickly, and once US election risk moves into the spotlight, I see gold starting to sparkle," he told Bernama.
On a Friday-to-Friday basis, the spot month of September 2024 fell to US$2,539.00 per troy ounce compared to US$2,546.50 per troy ounce previously.
Meanwhile, October 2024, November 2024, December 2024, February 2025 and April 2025 all settled lower at US$2,539.00 from US$2,548.80 per troy ounce previously.
Volume went down to 56 lots from 73 lots last week, while open interest widened to 49 contracts from 37 contracts previously.
The price of physical gold stood at US$2,509.55 per troy ounce, according to the London Bullion Market Association’s afternoon fix on Sept 5.
-- BERNAMA
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