Gold Futures likely To Track Comex Ahead Of US CPI Data Next Week
KUALA LUMPUR, Aug 9 (Bernama) -- Gold futures on Bursa Malaysia Derivatives are set to take their cue from the United States (US) COMEX gold market ahead of the upcoming release of the US Consumer Price Index (CPI) data for July, scheduled for next Tuesday.
The release is expected to intensify the debate among Fed members over the direction of interest rates in September.
In a research note, RHB Investment Bank Bhd said gold futures will likely remain bullish next week, with analysts projecting a possible break above the US$3,450 per troy ounce resistance level, potentially pushing prices towards the US$3,500 per troy ounce mark.
"In a bullish market setup, resistance levels tend to be weaker. We expect an immediate support to emerge at the US$3,350 per per troy ounce level," it said.
Therefore, the research firm said traders are advised to retain the long position initiated at US$3,402.40 per troy ounce.
"To manage the downside risks, the stop-loss threshold is fixed at US$3,150 per troy ounce,” it added.
On a weekly basis, the spot-month August 2025 contract increased to US$3,415.80 per troy ounce on Friday from US$3,310.40 a week earlier, the September 2025 contract improved to US$3,421.50 per troy ounce from US$3,316.30 previously, while October 2025 strengthened to US$3,451.50 per troy ounce from US$3,345.40 and November 2025 advanced to US$3,468.90 per troy ounce from US$3,362.80.
Meanwhile December 2025, February 2026 and April 2026 contracts both settled higher at US$3,488.40 per troy ounce compared with US$3,380.20 previously.
Weekly trading volume weakened to 107 lots from 129 lots in the previous week, while open interest widened to 52 contracts from 29 contracts.
Physical gold was priced at US$3,383.75 per troy ounce based on the London Bullion Market Association’s afternoon fix on Aug 7.
-- BERNAMA