KUALA LUMPUR: Gold futures on Bursa Malaysia Derivatives are expected to rise this week, fuelled by ongoing demand for safe-haven assets.
SPI Asset Management’s Stephen Innes noted that the release of nonfarm payrolls data on Friday will influence gold’s immediate direction, as markets assess whether the US Federal Reserve will lean towards dovish or hawkish rate decisions.
A weaker jobs report could boost gold, while a stronger report may pressure prices in the short term.
However, Innes emphasised that the broader trend remains bullish, driven by trade war concerns, geopolitical risks, and central bank buying.
With heightened uncertainty expected in 2025, gold bulls are targeting the US$3,000 mark.
Any escalation in tariffs or inflation could accelerate this climb.
The February 2025 contract closed at US$2,871.50 per troy ounce, up from US$2,754.10 the previous week, while other contracts for March to June 2025 settled higher, ranging from US$2,882.50 to US$2,888.10.
Volume surged to 238 lots from none the previous week, and open interest rose to 69 contracts from 25.
The London Bullion Market Association’s afternoon fix on February 6 placed physical gold at US$2,838.95 per troy ounce. – BERNAMA
