Gold Futures Likely To Trade Cautiously Next Week

KUALA LUMPUR, May 3 (Bernama) — Gold futures on Bursa Malaysia Derivatives are expected to remain volatile next week, with cautious trading likely to persist amid a bearish trend and ongoing global market uncertainties.

RHB Investment Bank Bhd, in a note, said traders are expected to remain on edge as recent bullish momentum in safe-haven assets seems to have weakened.

“We retain our negative trading bias as downside pressure builds,” it noted.

The investment bank opined that the immediate support for gold is at US$3,200 per troy ounce, while resistance is seen at US$3,400.

On a Friday-to-Friday basis, the spot month May 2025 contract fell to US$3,274.10 per troy ounce from US$3,316.20 the previous week.

Meanwhile, the June 2025, July 2025, August 2025, and October 2025 contracts all declined to US$3,288.10 per troy ounce from US$3,332.80.

Trading volume contracted sharply to 352 lots, down from 871 lots recorded in the preceding week, while open interest slipped to 40 contracts from 88 contracts.

According to the London Bullion Market Association’s afternoon fix on May 1, physical gold was priced at US$3,214.75 per troy ounce.

— BERNAMA