Gold Likely To Trade Range-Bound Next Week
By Danni Haizal Danial Donald
KUALA LUMPUR, June 7 (Bernama) -- Gold futures on Bursa Malaysia Derivatives are likely to trade range-bound next week, said an analyst.
SPI Asset Management managing partner Stephen Innes said the bullion is likely to stay within its current trading band of US$3,330 to US$3,390 per troy ounce.
“For the week just ended, gold has been trading flat throughout the session, reflecting the broader indecision seen in currency markets. Lately, the metal has been moving almost in lockstep but inversely with the US dollar.
“Therefore, monitor the dollar closely as it is currently the main influence on gold prices,” he told Bernama.
On a Friday-to-Friday basis, the spot month June 2025 contract increased to US$3,371.80 per troy ounce from US$3,312.20 per troy ounce, and the July 2025 contract went up to US$3,380.30 per troy ounce from US$3,325.90 per troy ounce.
The August 2025, September and October 2025 contracts all strengthened to US$3,393.80 per troy ounce from US$3,325.90 per troy ounce.
Trading volume dropped to 241 lots from 256 lots recorded in the preceding week, while open interest reduced to 122 contracts from 139 contracts.
According to the London Bullion Market Association’s afternoon fix on June 6, physical gold was priced at US$3,374.60 per troy ounce.
-- BERNAMA