Gold Futures Forecast To Trade Range-bound Next Week

By Fatin Umairah Abdul Hamid

KUALA LUMPUR, July 26 (Bernama) -- Gold futures on Bursa Malaysia Derivatives are expected to trade in a narrow range next week, tracking United States (US) COMEX gold amid the potential finalisation of US trade agreements with the European Union (EU) and Asia-Pacific countries, said an analyst.

SPI Asset Management managing partner Stephen Innes noted that the EU and the US are moving towards a trade deal that could include a 15 per cent US baseline tariff on EU goods and possible exemptions.

However, he said, the yellow metal could find support if the US dollar weakens, especially amid speculation over Federal Reserve chair Jerome Powell’s stance on interest rates.

“My outlook for the week ahead sees gold finding a bid near the US$3,335 area, with topside resistance around US$3,395 (per troy ounce). The broader range will be dictated by how much traction the ‘soft landing plus trade peace’ narrative gains versus lingering macroeconomic uncertainty and rate expectations,” he told Bernama.

On a weekly basis, the spot-month July 2025 contract slipped to US$3,350.0 per troy ounce on Friday from US$3,360.0 a week earlier, the August 2025 contract decreased to US$3,367.4 per troy ounce from US$3,378.3 previously, and the September 2025 contract fell to US$3,373.3 per troy ounce from US$3,384.20.

Meanwhile, the October 2025, December 2025, and February 2026 contracts also settled lower at US$3,402.6 per troy ounce from US$3,413.40 previously.

Weekly trading volume expanded to 34 lots from 12 lots in the previous week, while open interest rose to 71 contracts from 67 contracts.

Physical gold was priced at US$3,365.85 per troy ounce based on the London Bullion Market Association’s afternoon fix on July 24, 2025.

-- BERNAMA