KUALA LUMPUR, May 25 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives is expected to trend lower next week following a firmer US dollar outlook and market participants closely monitoring global economic developments, analysts said.
They said investors are also seeking clarity on the United States Federal Reserve’s (Fed) monetary stance on interest rates that will give direction to the yellow metal prices.
Nonetheless, the safe-haven flows amid the rising geopolitical tensions in the Middle East might lift the gold price, they said.
The volume of gold futures in the local market improved to 168 lots from 31 lots in the previous week, while open interest rose to 85 contracts from 64 contracts a week earlier.
The market was closed on Wednesday, May 22, for the Wesak Day public holiday.
On a Friday-to-Friday basis, the May 2024 contract fell to US$2,344.00 per troy ounce from US$2,389.40 per troy ounce.
Contracts for June 2024, July 2024, August 2024, and October 2024 all settled lower at US$2,354.60 per troy ounce compared to US$2,399.00 per troy ounce a week earlier.
According to the London Bullion Market Association’s afternoon fix on May 23, the price of physical gold stood at US$2,357.35 per troy ounce.
-- BERNAMA
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