Gold Futures Likely To Remain Well-supported Next Week
By Rosemarie Khoo Mohd Sani
KUALA LUMPUR, Sept 21 (Bernama) -- Gold futures contract on Bursa Malaysia Derivatives is expected to remain well-supported next week, driven by the deep United States (US) Federal Reserve rate cut cycle, rising geopolitical risks and the upcoming US elections, said an analyst.
SPI Asset Management managing director Stephen Innes said that gold prices have experienced a significant rally, pushing them towards record highs.
“As emerging market central banks continue diversifying away from the US dollar and China’s economic struggles boost local demand in Asia, gold is well-positioned to sustain its impressive run,” he told Bernama.
On a Friday-to-Friday basis, spot month September 2024 rose to US$2,614.20 per troy ounce from US$2,575.00 per troy ounce last week.
Meanwhile, October 2024, November 2024, December 2024, February 2025 and April 2025 all settled higher at US$2,627.00 from US$2,587.30 per troy ounce previously.
Volume eased to 82 lots from 85 last week, while open interest narrowed to 44 contracts from 74 previously.
The price of physical gold stood at US$2,575.35 per troy ounce, according to the London Bullion Market Association’s afternoon fix on Sept 19.
-- BERNAMA