Gold Futures Likely To Trade Higher Next Week Ahead Of US Non-farm Payrolls Data

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, Aug 30 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives is expected to trade higher next week ahead of the United States (US) non-farm payrolls report scheduled for next Friday. 

SPI Asset Management managing director Stephen Innes told Bernama that markets are bracing for another softer jobs print, which should reinforce the case for lower interest rates and add further support to gold.

“We expect gold to move higher next week as questions around the Federal Reserve’s independence and the prospect of a more dovish board composition weigh on the US dollar and underpin bullion.

“Into next week, we see initial support around US$3,400 per troy ounce and resistance up at US$3,435 per troy ounce,” he told Bernama. 

On a weekly basis, the spot-month August 2025 gold futures contract rose to US$3,407.50 per troy ounce on Friday from US$3,327.30 a week earlier, while the September 2025 contract improved to US$3,420.40 per troy ounce from US$3,332.70 previously.

The October 2025 contract strengthened to US$3,449.90 per troy ounce from US$3,362.20 on the previous Friday, and the November 2025 contract increased to US$3,466.70 per troy ounce from US$3,379.00.

Meanwhile, the December 2025, February 2026 and April 2026 contracts all settled higher at US$3,487.10 per troy ounce compared with US$3,399.40 per troy ounce previously.

Weekly trading volume decreased to 43 lots from 53 lots last week, while open interest declined to 33 contracts from 56 contracts.

Physical gold was priced at US$3,407.65 per troy ounce based on the London Bullion Market Association’s afternoon fix on Aug 28.

-- BERNAMA