KUALA LUMPUR: Gold futures on Bursa Malaysia Derivatives are expected to extend their gains this week, supported by firmer spot gold prices, which are projected to hit between US$4,250 and US$4,350 per troy ounce, while also tracking Comex gold performance.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said spot gold prices have performed strongly last week, rising to US$4,305.69 per troy ounce, in tandem with the decline in crude oil prices following reports of the possible reopening of the Strait of Hormuz.
An update from the World Gold Council showed that demand for gold exchange-traded funds remained encouraging, recording a total of US$3bil net inflows in the gold market during July. This reversed two consecutive months of outflows.
“However, uncertainties in the US interest rate direction would put a cap on gold prices,” Mohd Afzanizam told Bernama.
Meanwhile, Quintex Intel global strategist Stephen Innes said gold briefly came under pressure last Thursday night as a rebound in oil prices revived inflation concerns, but it recovered swiftly.
“The metal has since broken back above US$4,300 per troy ounce, with fiscal concerns, persistent central-bank demand and strong Asian retail buying continuing to provide a firm underlying bid.”
On a week-on-week basis, the new spot-month August 2026 contract increased to US$4,322.90 per troy ounce yesterday from US$4,067.90 per troy ounce on the previous Friday, and the September 2026 contract advanced to US$4,335.80 per troy ounce from US$4,080.00 per troy ounce.
The October 2026 and December 2026 contracts both rose to US$4,349.20 per troy ounce from US$4,110.50 at the end of the previous week.
