Gold Futures Set To Remain Supported Next Week By Uncertainty Over Trump’s Policies

By Nurul Jannah Kamaruddin

KUALA LUMPUR, Feb 22 (Bernama) -- Gold futures on Bursa Malaysia Derivatives are likely to remain supported next week by the unpredictability of US President Donald Trump's policies, which have driven the recent rally in global gold prices, said an analyst.

He said that investors would closely monitor Trump’s speech at the Conservative Political Action Conference, the second estimate of the 2024 fourth-quarter and full-year US gross domestic product (GDP), and inflation-gauge Personal Consumption Expenditures (PCE) price index data next week, which could influence the market movement.

This week, the local gold futures market was mostly higher.

On Thursday, it tracked the global gold market’s rally as prices soared to a new all-time high of US$2,955 per troy ounce, before retreating the day after.

On a Friday-to-Friday basis, the spot-month February 2025 contract eased to US$2,926.40 per troy ounce from US$2,932.20 per troy ounce at the end of last week, while the March 2025 contract slipped to US$2,933.30 per troy ounce from US$2,939.30 per troy ounce previously.

 The April, May and June 2025 contracts settled lower at US$2,943.50 per troy ounce compared to US$2,946.70 per troy ounce last week.

The volume expanded to 289 lots from 231 last week, while open interest increased to 106 contracts from 104 previously. 

According to the London Bullion Market Association’s afternoon fix on Feb 20, physical gold was priced at US$2,932.05 per troy ounce.

-- BERNAMA