Kuala lumpur: The gold futures contract on Bursa Malaysia Derivatives is anticipated to trade lower in the upcoming week. Traders are closely monitoring a consolidation within the US$4,015 to US$4,075 per troy ounce range.

According to BERNAMA News Agency, SPI Asset Management managing partner Stephen Innes commented that gold is retracting some of its recent gains following a rally, currently drifting toward US$4,035 per troy ounce, marking a decrease of approximately 0.5 percent for the week. Innes highlighted that the mixed US jobs report has provided minimal support for the precious metal. Additionally, the Federal Reserve is not inclined to cut rates and has maintained its expectations for the December meeting unchanged.

Innes further noted, "With December cut odds now hovering around 40 percent, the higher-for-longer backdrop acts negatively on the metal after a record-breaking sprint."

On a week-to-week basis, the spot-month November 2025 contract decreased to US$4,058.20 per troy ounce from US$4,177.30 per troy ounce. Similarly, the December 2025 contract fell to US$4,076.30 per troy ounce compared to US$4,194.50 per troy ounce, and the January 2026 contract dropped to US$4,092.50 per troy ounce from US$4,213.10 per troy ounce a week earlier.

Furthermore, February 2026, April 2026, and June 2026 contracts all settled lower at US$4,108.90 per troy ounce versus US$4,228.10 per troy ounce previously.

The weekly trading volume saw a decline to 256 lots from 274 lots the previous week, while open interest reduced to 150 contracts from 218 contracts a week ago. Physical gold was valued at US$4,090.60 per troy ounce, as per the London Bullion Market Association's afternoon fix on November 20, 2025.