Gold Futures Seen Trading Higher Next Week

By Siti Radziah Hamzah

KUALA LUMPUR, Feb 8 (Bernama) -- Gold futures on Bursa Malaysia Derivatives are expected to trade higher next week on sustained demand for safe-haven assets like gold.

SPI Asset Management managing partner Stephen Innes said the release of nonfarm payrolls data on Friday would dictate gold’s immediate trajectory, as markets gauge whether the US Federal Reserve’s interest rate path would be more dovish or hawkish in response. A weaker jobs report, he added, could reinforce expectations of rate cuts, boosting gold further, while a stronger print might introduce some short-term pressure for the precious metal.

“That said, the bigger picture remains intact -- trade war fears, geopolitical risks, and central bank buying continue to support gold’s structural bull case. With 2025 expected to be a year of heightened economic and political uncertainty, gold bulls still have their sights set on the US$3,000 mark. If tariffs ramp up again or inflation rears its head, the path higher could accelerate sooner rather than later,” Innes told Bernama.

On a Friday-to-Friday basis, the spot-month February 2025 contract jumped to US$2,871.50 per troy ounce from US$2,754.10. The March 2025 contract stood at US$2,882.50 per troy ounce while the April, May and June 2025 contracts settled higher at US$2,888.10  from US$2,762.60 per troy ounce last week.

The volume surged to 238 lots from nil the previous week, while open interest increased to 69 contracts from 25. 

According to the London Bullion Market Association’s afternoon fix on Feb 6, the price of physical gold stood at US$2,838.95 per troy ounce.

-- BERNAMA