GOLD FUTURES MAY EXPERIENCE NEAR-TERM CORRECTION NEXT WEEK

By Karina Imran

KUALA LUMPUR, March 22 (Bernama) -- The gold futures market on Bursa Malaysia Derivatives may experience a near-term correction next week as traders are tempted to lock in profits amid record-high prices. 

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the gold prices have remained above US$3,000 per ounce since March 17 as global economic uncertainties continue to rise. 

“At the same time, the United States Federal Reserve has indicated that two interest rate cuts could happen this year based on the latest projection during the latest Federal Open Market Committee meeting on March 19,” he told Bernama.

On a Friday-to-Friday basis, the spot-month March 2025 contract rose to US$3,034.20 per troy ounce from US$2,999.60 per troy ounce previously, while April 2025 increased to US$3,044.10 per troy ounce from US$3,009.90 per troy ounce.

Meanwhile, the May 2025, June 2025 and August 2025 contracts surged to US$3,054.10 per troy ounce from US$3,019.90 per troy ounce last week. 

However, volume dropped to 123 lots this week from 419 lots last week, while open interest declined to 87 contracts from 454 contracts previously. 

According to the London Bullion Market Association’s afternoon fix on March 20, physical gold was priced at US$3,038.15 per troy ounce.

-- BERNAMA