16/09/2023 10:22 AM

By Rosemarie Khoo

KUALA LUMPUR, Sept 16 (Bernama) -- Gold futures contracts on Bursa Malaysia Derivatives are expected to trade in a tight range next week, with investors biding time until the United States (US) economic data weakens, said an analyst. 

SPI Asset Management managing director Stephen Innes said there is growing consensus that this (weakening of the US economy) could happen later in the fourth quarter (4Q), thus easing the greenback, but is positive for gold.

“I think the bullion will still be in demand but that could easily be taken out on weaker US data. 

 “In addition, there seems to be a shortage of gold imports in China, which has jumped the Shanghai premium as locals are buying up physically, fearing an impending financial stability crisis, and this alone should keep the gold markets bid next week,” he told Bernama. 

For the week just ended, the domestic gold futures volume was higher with a total of 130 lots traded compared to 109 lots in the previous week, while open interest stood at 97 contracts from 82 contracts previously. 

On a weekly basis, spot month September 2023 declined to US$1,922.90 per troy ounce from US$1,930.70 per troy ounce last week, while October 2023 slipped to US$1,932.00 from US$1,940.30 previously.

Contracts for November 2023, December 2023, February 2024 and April 2024 all settled lower at US$1,940.60 per troy ounce against US$1,948.90 per troy ounce last week.

The price of physical gold stood at US$1,901.75 per troy ounce as published by the London Bullion Market Association’s afternoon fix on Sept 14.


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