Gold futures likely to continue uptrend next week

18/03/2023 10:09 AM

By Anas Abu Hassan

KUALA LUMPUR, March 18 (Bernama) -- Gold futures on the Bursa Malaysia Derivatives are expected to continue trading higher next week following the recent concerns over the global banking system, an analyst said.

SPI Asset Management managing director Stephen Innes noted that gold price still receives support as a safe haven asset after a crisis hit major banks worldwide.

“Gold price tends to remain in vogue for a couple of weeks after a major risk event, so I think the odds are greater next week for gold to remain supported.

“However, that trend could flip quickly if the United States Federal Reserve hikes the interest rate by 50-basis points in its meeting next week,” he told Bernama.

For the week just ended, domestic gold futures traded mostly higher, with a total of 376 lots recorded throughout the week.

On a weekly basis, spot month March 2023 rose to US$1,935.40 per troy ounce from US$1,838.70 per troy ounce a week earlier.

Meanwhile, April 2023, May 2023, June 2023, August 2023 and October 2023 all settled higher at US$1,942.00 per troy ounce from US$1,846.90 per troy ounce previously.

The price of physical gold stood at US$1,922.75 per troy ounce as published by the London Bullion Market Association afternoon fix on March 16.


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