Gold Futures Likely To Trade In Wider Range Next Week Amid Oil Market Volatility

By Fatin Umairah Abdul Hamid

KUALA LUMPUR, March 14 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives is anticipated to trade within a broader range next week, as the oil market now influences the wider macroeconomic narrative.

SPI Asset Management managing partner Stephen Innes said that if the West Asia crisis shows no signs of easing and crude oil approaches a worst-case scenario near US$120, the correlation observed this week suggests additional downward pressure on gold from higher yields and a firmer dollar.

“Under normal conditions, gold is expected to trade within roughly a US$50 range week to week, but current volatility in the energy market makes that framework less reliable.

“For now, I am looking at a broader range of roughly $5,025 to $5,125,” he told Bernama.

On a week-on-week basis, March 2026 decreased to US$5,103.8 per troy ounce from US$5,128.50 per troy ounce. 

April 2026 fell to US$5,122.6 per troy ounce from US$5,147.0 per troy ounce, and May 2026 declined to US$5,141.8 per troy ounce from US$5,166.10 per troy ounce previously.

The June and August 2026 contracts also settled lower at US$5,175.7 per troy ounce versus US$5,200.0 per troy ounce previously.

Weekly trading volume narrowed to 48 lots from 73 lots a week earlier, while open interest eased to 78 contracts compared with 100 contracts.

Physical gold was fixed at US$5,130.1 per troy ounce at the London Bullion Market Association afternoon fix on March 12, 2026.

-- BERNAMA