Gold Futures Likely To Remain Well-supported Next Week
By Zufazlin Baharuddin
KUALA LUMPUR, April 18 (Bernama) -- Gold futures are expected to remain well-supported next week, underpinned by inflationary concerns as oil prices are expected to remain high.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said despite a potential truce between the United States and Iran, supply disruptions and damage to oil and gas infrastructure may keep crude prices elevated.
“Spot gold prices have gone up since the ceasefire while the US Dollar Index (DXY) has been hovering below 100 points. The main concern now is inflation as oil prices are expected to stay elevated despite possible truce between the US and Iran.
“The damages in oil and gas infrastructure and facilities will take some time to be restored. So oil prices could stay elevated and by extension, it can exert an upward pressure on inflation,” he told Bernama.
On a week-on-week basis, the spot-month April 2026 contract rose to US$4,868.00 per troy ounce on Friday from US$4,768.20 per troy ounce in the previous week.
The May 2026 contract improved to US$4,836.20 per troy ounce from US$4,788.70 per troy ounce.
The June, July, and August 2026 contracts increased to US$4,854.70 per troy ounce from US$4,807.30 per troy ounce in the preceding week.
Weekly trading volume shrank to 60 lots from 89 lots, while open interest slipped to 87 contracts on Friday from 95 contracts a week earlier.
Physical gold was fixed at US$4,793.60 per troy ounce at the London Bullion Market Association afternoon fix on April 16, 2026.
-- BERNAMA