By Abdul Hamid A Rahman
KUALA LUMPUR: Gold futures on Bursa Malaysia Derivatives are expected to trade within a narrow range of US$4,600 to US$4,700 per troy ounce next week, on expectations that the United States (US) Federal Reserve (Fed) will maintain its restrictive monetary stance.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said traders are likely to remain cautious ahead of the release of the US Nonfarm Payrolls (NFP) data.
“This is a critical data point as the Fed needs convincing evidence that the labour market is softening. Otherwise, it is likely to keep its policy stance restrictive,” he told Bernama.
On a week-on-week basis, the spot-month April 2026 contract eased to US$4,625.80 per troy ounce on Friday from US$4,697.70 per troy ounce in the previous week, while the May 2026 contract declined to US$4,659.50 per troy ounce from US$4,720.20 per troy ounce.
The June, July and August 2026 contracts decreased to US$4,670.20 per troy ounce from US$4,735.70 per troy ounce in the preceding week.
Weekly trading volume rose to 65 lots from 58 lots, while open interest advanced to 97 contracts from 74 contracts a week earlier.
Physical gold was fixed at US$4,564.90 per troy ounce at the London Bullion Market Association afternoon fix on April 28, 2026.
The local market was closed on Friday in conjunction with the Labour Day public holiday.– BERNAMA
