Gold Futures Expected To Trade Higher Next Week

By Abdul Hamid A Rahman

KUALA LUMPUR, Feb 1 (Bernama) -- Gold futures on Bursa Malaysia Derivatives are expected to maintain an upward bias next week, trading within the US$2,775 per troy ounce to US$2,825 per troy ounce range, driven by strong physical demand in Asia and speculative interest from the Western markets.

SPI Asset Management managing partner Stephen Innes said that the gold markets, which typically strengthen during periods of uncertainty and fear, are currently supported by the economic dynamics in Asia.

“While prices have yet to breach the US$2,800 per troy ounce mark, this could become a mere formality if United States President Donald Trump’s tariff rhetoric translates into concrete action,” he told Bernama.

On a Friday-to-Friday basis, the spot-month January 2025 contract closed higher at US$2,791.50 per troy ounce compared to US$2,777.0 per troy ounce the previous week, while the February 2025 contract declined to US$2,754.10 per troy ounce from US$2,785.90 per troy ounce previously.

The March, April, and June 2025 contracts all settled lower at US$2,762.60 per troy ounce from  US$2,794.80 per troy ounce last week.

Volume was nil compared to 60 lots in the previous week, while open interest fell to 25 contracts from 85 contracts. 

According to the London Bullion Market Association’s afternoon fix on Jan 30, the physical gold price stood at US$2,787.25 per troy ounce.

-- BERNAMA