Gold Futures To Trade On Cautious Mode Next Week

By Siti Radziah Hamzah

KUALA LUMPUR, March 8 (Bernama) --  The gold futures market on Bursa Malaysia Derivatives is expected to trade on cautious mode next week. 

SPI Asset Management managing director Stephen Innes said gold is expected to trade with a bullish bias at between US$2,900 and US$2,950 per troy ounce. 

“The rally extension would depend on how the early-month data releases shape the macro landscape. If economic softness persists, gold could continue its upward trajectory as the market prices in deeper US Federal Reserve (Fed) easing. A solid floor is forming in bullion at US$2,900, a key pivot point.

“This level has held firm despite higher global yields. If the US non-farm payrolls data fuels a dovish Fed pivot, gold could break higher from here, turning this support zone into a springboard for the next leg up. Initial resistance will come in at US$2,950,” he added. 

On a Friday-to-Friday basis, spot-month March 2025 contract increased to US$2,928.60 per troy ounce from US$2,867.20 previously, while April 2025 rose to US$2,938.40 per troy ounce from US$2,879.90.

Meanwhile, the May 2025, June 2025 and August 2025 contracts all settled at US$2,946.80 per troy ounce. 

Volume increased to 491 lots this week from 251 lots last week, while open interest surged to 140 contracts from 37 contracts previously. 

According to the London Bullion Market Association’s afternoon fix on March 6, physical gold was priced at US$2,922.20 per troy ounce.

-- BERNAMA