Gold Futures To Hover In Narrow Range Next Week
By Abdul Hamid A Rahman
KUALA LUMPUR, Nov 30 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives is expected to hover within a narrow range next week within its current price, said SPI Asset Management managing director Stephen Innes.
He told Bernama that the gold market trading has stabilised as the impetus from anticipated 2025 United States (US) Federal Reserve rate cuts and geopolitical tensions has diminished.
“I remain confident that gold will stay in demand as investors continue to view it as a reliable hedge against trade uncertainty.
“Meanwhile, any flare-up in trade tensions could dramatically rekindle interest in gold as a safe haven,” he added.
For the week just ended, gold futures showed mixed trends, fluctuating between mirroring the US Comex momentum and subdued demand.
At times, such as on Friday, it ended flat, with analysts attributing the lacklustre performance to reduced trading during the long Thanksgiving holiday.
On a Friday-to-Friday basis, the spot-month November 2024 contract ended the week lower at US$2,646.40 per troy ounce from US$2,698.70 per troy ounce last week.
Meanwhile, December 2024, January 2025, February 2025 and April 2025 notes also settled lower at US$2,659.30 per troy ounce from US$2,712.10 last week.
Volume rose to 127 lots from 39 lots last week, while open interest decreased to 22 contracts from 28 contracts previously.
According to the London Bullion Market Association’s afternoon fix on Nov 28, the price of physical gold stood at US$2,641.85 per troy ounce.
-- BERNAMA