Gold Futures Likely To Trade In Narrow Range On Expectations Of Easing West Asia Tensions

By Danni Haizal Danial Donald

KUALA LUMPUR, May 9 (Bernama) -- Gold futures on Bursa Malaysia Derivatives are expected to trade within a narrow range of US$4,680 to US$4,780 per troy ounce next week, on expectations of easing tensions in West Asia.

SPI Asset Management managing partner Stephen Innes said that, given gold’s tight inverse relationship with oil-driven inflation risk, next week will likely depend on whether the West Asia conflict de-escalation can move into a more workable framework.

“If that happens, US Treasury yields could drift lower, and the US Federal Reserve interest rate-cut expectations may rise, which would be favourable for gold,” he told Bernama.

The local market was closed last Friday in conjunction with the Labour Day public holiday.

On a week-on-week basis, the spot-month May 2026 contract rose to US$4,743.70 per troy ounce on Friday from US$4,659.50 per troy ounce in the previous week, while the June 2026 contract increased to US$4,757.70 per troy ounce from US$4,670.20 per troy ounce. 

The July, August and October 2026 contracts settled higher at US$4,772.70 per troy ounce from US$4,670.20 per troy ounce in the preceding week.

Weekly trading volume edged up to 68 lots from 65 lots, while open interest declined to 68 contracts from 97 contracts a week earlier.

Physical gold was fixed at US$4,743.35 per troy ounce at the London Bullion Market Association afternoon fix on May 7, 2026.

-- BERNAMA