KUALA LUMPUR: The gold futures contract on Bursa Malaysia Derivatives is expected to trade lower this week amid firmer US dollar sentiment.
Bank Muamalat Malaysia Bhd’s Chief Economist, Dr Mohd Afzanizam Abdul Rashid, said spot gold prices have edged closer to the USD5,000 per troy ounce level as the US dollar firmed amid news about the incoming United States Federal Reserve (Fed) chairman.
He said former Federal Reserve governor Kevin Warsh has been tipped as the next Fed chairman and is regarded as an inflation hawk based on his tenure from 2006 to 2011.
“Spot gold prices hit another record high of around USD5,500 per ounce last week, which may have prompted traders to lock in gains, with the leadership speculation acting as the catalyst,” he told BERNAMA.
As such, Afzanizam expected spot gold prices to hover between USD4,950 per troy ounce and USD4,970 per troy ounce this week, as markets await upcoming data releases, including the non-farm payrolls (NFP) report and the Institute for Supply Management (ISM) indices.
On a week-on-week basis, the January 2026 contract rose to USD5,063.50 per troy ounce from USD4,914.80 per troy ounce, February 2026 climbed to USD5,062.60 per troy ounce from USD4,928.00 per troy ounce, and March 2026 surged to USD5,080.90 per troy ounce from USD4,945.90 per troy ounce, a week earlier. – BERNAMA
