GOLD FUTURES SEEN HIGHER NEXT WEEK AT BETWEEN US$3,200-US$3,250

By Abdul Hamid A Rahman

KUALA LUMPUR, May 17 (Bernama) -- Gold futures on Bursa Malaysia Derivatives are expected to trade higher next week, within the range of US$3,200-US$3,250, due to concerns over the US fiscal situation, said SPI Asset Management managing partner Stephen Innes.

He said rising US debt levels and potential global political standoffs may drive renewed interest in gold.

“If market uncertainty rises, gold could move towards the uptrend next week. In addition, investor psychology is gradually shifting back to the ‘sell fiat, buy metal’ trade, especially as confidence in traditional currencies weakens,” he told Bernama.

Innes said gold prices eased slightly this week as geopolitical tensions cooled, with the US-China tariff pause and renewed diplomacy in the Middle East.

“In that context, this week’s pullback is being treated as a buying opportunity, and not an exit signal,” he added.

On a Friday-to-Friday basis, the spot month May 2025 contract eased to US$3,218.10 per troy ounce from US$3,335.10, and the June 2025 contract slid to US$3,232.0 from US$3,348.10. The July 2025, August 2025, and October 2025 contracts all slipped to US$3,245.70 per troy ounce from US$3,348.10.

Trading volume bounced to 1,150 lots from the 455 lots recorded in the preceding week, while open interest edged up to 49 contracts from 42 contracts.

According to the London Bullion Market Association’s afternoon fix on May 15, physical gold was priced at US$3,191.05 per troy ounce.

-- BERNAMA