Gold Futures Likely To Remain In Uptrend Next Week

KUALA LUMPUR, Nov 23 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives is expected to sustain its upward momentum next week amid the ongoing Russia-Ukraine conflict, said an analyst.

The analyst said, however,  the anticipation of a stronger US dollar could put downward pressure on the price of the precious metal.

For the week just ended, gold futures largely traded higher, tracking the steady gains in the US COMEX gold market amid the ongoing Russia-Ukraine war.

On a Friday-to-Friday basis, the spot month November 2024 contract ended the week higher at US$2,698.70 per troy ounce from US$2,572.30 per troy ounce last week.

Meanwhile, December 2024, January 2025, February 2025 and April 2025 notes also settled higher at US$2,712.10 per troy ounce from US$2,585.80 last week.

Volume fell to 39 lots from 45 lots last week, while open interest decreased to 28 contracts from 36 contracts previously.

According to the London Bullion Market Association’s afternoon fix on Nov 21, the price of physical gold stood at US$2,665.30 per troy ounce.

-- BERNAMA