Gold Futures Likely To Surpass US$2,800 Per Troy Ounce Next Week

KUALA LUMPUR, Jan 25 (Bernama) -- Gold futures on Bursa Malaysia Derivatives are expected to trade higher next week, with prices likely surpassing the US$2,800 per troy ounce level on weaker US dollar, said SPI Asset Management managing partner Stephen Innes.

He said that unless next week’s United States (US) personal consumption expenditures (PCE) data or a surprisingly hawkish Federal Reserve alter the current trajectory, gold could easily test and surpass the resistance at US$2,810 per troy ounce.

“Support is expected around US$2,760 per troy ounce, but a break above US$2,800 per troy ounce could swiftly dismantle that upper resistance,” he told Bernama.

On a Friday-to-Friday basis, the spot-month January 2025 contract closed higher at US$2,777.0 per troy ounce, up from US$2.702.70 per troy ounce the previous week.

Meanwhile, the February 2025 contract rose to US$2,785.90 per troy ounce from US$2,711.20 per troy ounce. 

The March, April, and June 2025 contracts all settled higher at US$2,794.80 per troy ounce from  US$2,719.30 per troy ounce last week.

Volume jumped to 60 lots from 40 the previous week, while open interest edged up to 85 contracts from 78. 

According to the London Bullion Market Association’s afternoon fix on Jan 23, the physical gold price stood at US$2,744.25 per troy ounce.

-- BERNAMA