KUALA LUMPUR, The gold futures contract on Bursa Malaysia Derivatives is likely to remain on a downtrend next week as markets await the September non-farm payroll report, which could reinforce the US Federal Reserve’s aggressive rate-cutting trajectory.
SPI Asset Management managing director Stephen Innes noted that while markets anticipate buyers to step in on any gold price dips next week, the upcoming US jobs report has the potential to bring significant changes.
“Therefore, the market may take a cautious approach until then. For now, I’d recommend monitoring a range between US$2,490 and US$2,530 per troy ounce for gold next week,” he told Bernama.
On a Friday-to-Friday basis, the spot month of August 2024 jumped to US$2,520 per troy ounce from US$2,484.30 per troy ounce in the preceding week and September 2024 rose to US$2,523.70 per troy ounce against US$2,488 previously.
Meanwhile, October 2024, November 2024, December 2024 and February 2025 all settled higher at US$2,526 per troy ounce from US$2,4
88 per troy ounce previously.
Volume slipped to 67 lots from 244 lots last week, while open interest narrowed to 58 contracts against 135 contracts previously.
The price of physical gold stood at US$2,483 per troy ounce, according to the London Bullion Market Association’s afternoon fix on Aug 22.
Source: BERNAMA News Agency