Kuala lumpur: Gold futures on Bursa Malaysia Derivatives is set to take its cue from United States (US) COMEX gold amid market responses to the Federal Open Market Committee's (FOMC) recent stance and new US tariffs on trading partners.

According to BERNAMA News Agency, in a research note, RHB Investment Bank Bhd stated that as long as COMEX gold stays above the US$3,150 per troy ounce support level, the broader bullish structure will remain intact. The bank maintains a positive trading bias unless the commodity falls below this critical support threshold. They recommend that traders hold on to the long position initiated at June 12's close, which was priced at US$3,402.40 per troy ounce.

To minimize trading risks, RHB Investment Bank has set the stop-loss threshold at US$3,150 per troy ounce. The first support level is marked at US$3,250 per troy ounce, followed by the aforementioned US$3,150 per troy ounce. Conversely, the immediate resistance is set at US$3,450 per troy ounce, followed by a further level at US$3,600 per troy ounce.

On a weekly basis, the spot-month August 2025 contract decreased to US$3,310.40 per troy ounce on Friday from US$3,367.40 a week earlier. The September 2025 contract saw a decline to US$3,316.30 per troy ounce from US$3,373.30 previously, and the October 2025 contract eased to US$3,345.40 per troy ounce from US$3,402.60. However, the November 2025 contract held firm at US$3,362.80 per troy ounce, while December 2025, February 2026, and April 2026 contracts settled lower at US$3,380.20 per troy ounce compared with US$3,402.60 previously.

The weekly trading volume weakened, dropping to 129 lots from 151 lots in the previous week, while open interest declined significantly to 29 contracts from 71 contracts. Meanwhile, physical gold was priced at US$3,298.85 per troy ounce based on the London Bullion Market Association's afternoon fix on July 31, 2025.