Kuala lumpur: Gold futures on Bursa Malaysia Derivatives are expected to extend their gains next week, supported by firmer spot gold prices, which are projected to hit between US$4,250 and US$4,350 per troy ounce, while also tracking COMEX gold performance.
According to BERNAMA News Agency, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid stated that spot gold prices have performed strongly this week, rising to US$4,305.69 per troy ounce, in tandem with the decline in crude oil prices following reports of the possible reopening of the Strait of Hormuz. He noted that an update from the World Gold Council showed that demand for gold exchange-traded funds (ETFs) remained encouraging, recording a total of US$3 billion net inflows in the gold market during July, reversing two consecutive months of outflows. However, he cautioned that uncertainties in the US interest rate direction could put a cap on gold prices.
Meanwhile, Quintex Intel global strategist Stephen Innes commented that gold briefly came under pressure on Thursday night due to a rebound in oil prices reviving inflation concerns, but it recovered swiftly. He mentioned that the metal has since broken back above US$4,300 per troy ounce, with fiscal concerns, persistent central-bank demand, and strong Asian retail buying continuing to provide a firm underlying bid.
On a week-on-week basis, the new spot-month August 2026 contract increased to US$4,322.90 per troy ounce from US$4,067.90 per troy ounce on the previous Friday, and the September 2026 contract advanced to US$4,335.80 per troy ounce from US$4,080.00 per troy ounce. The October 2026 and December 2026 contracts both rose to US$4,349.20 per troy ounce from US$4,110.50 at the end of the previous week. The November 2026 contract stood at US$4,349.20 per troy ounce.
The weekly trading volume jumped to 1,263 lots from 776 lots last week, while open interest increased to 477 contracts from 359 contracts a week earlier. Physical gold was fixed at US$4,267.85 per troy ounce at the London Bullion Market Association's afternoon fix on August 6, 2026.