GOLD FUTURES LIKELY TO TRADE LOWER NEXT WEEK

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, Nov 22 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives are expected to trade lower next week, with traders eyeing a consolidation within the US$4,015 to US$4,075 per troy ounce range.

SPI Asset Management managing partner Stephen Innes said gold is giving back some of its gains after the recent rally, drifting toward US$4,035 per troy ounce and down about 0.5 per cent for the week. 

He noted that the mixed US jobs report provided little support for the precious metal, while the Federal Reserve is in no rush to cut rates and has kept expectations for the December meeting unchanged.

“With December cut odds now hovering around 40 per cent, the higher-for-longer backdrop acts negatively on the metal after a record-breaking sprint,” he told Bernama.

Week-on-week, the spot-month November 2025 contract slid to US$4,058.20 per troy ounce from US$4,177.30 per troy ounce, the December 2025 contract eased to US$4,076.30 per troy ounce against US$4,194.50 per troy ounce, and the January 2026 contract fell to US$4,092.50 per troy ounce from US$4,213.10 per troy ounce a week earlier.

Meanwhile, February 2026, April 2026, and June 2026 all settled lower at US$4,108.90 per troy ounce versus US$4,228.10 per troy ounce previously.

Weekly trading volume decreased to 256 lots from 274 lots last week, while open interest declined to 150 contracts from 218 contracts a week ago.

Physical gold was priced at US$4,090.60 per troy ounce, according to the London Bullion Market Association afternoon fix on Nov 20, 2025.

-- BERNAMA