Gold Futures Seen Higher Next Week On Geopolitical Risk Premium

By Rosemarie Khoo Mohd Sani

KUALA LUMPUR, July 12 (Bernama) -- Gold futures on Bursa Malaysia Derivatives are expected to trend higher within a stable range of US$3,300 to US$3,350 next week, supported by persistent geopolitical risk, said SPI Asset Management managing partner Stephen Innes.

He said the metal is holding firm despite rising US Treasury yields and a stronger greenback, signalling that geopolitical risk premia are once again influencing market sentiment.

“I expect those levels to contain price action in the near term. But that call comes with an asterisk: headline risk is high. A sudden breakthrough or breakdown in trade negotiations, particularly with the European Union (EU), could swiftly shift sentiment,” Innes told Bernama.

On a weekly basis, the spot-month July 2025 contract fell to US$3,346.20 per troy ounce from US$3,351.30. The August 2025 contract eased to US$3,362.70 from US$3,366.40, while the September 2025 contract declined to US$3,377.60 from US$3,381.30.

In contrast, the October and December 2025 contracts rose to US$3,397.50 per troy ounce from US$3,400.10.

Weekly trading volume edged up to 139 lots from 133 lots in the previous week, while open interest slipped to 72 contracts from 84.

Physical gold was priced at US$3,312.60 per troy ounce, based on the London Bullion Market Association’s afternoon fix on July 10, 2025.

-- BERNAMA