Kuala lumpur: The gold futures contract on Bursa Malaysia Derivatives is projected to trade higher next week, following indications from United States (US) Federal Reserve Chair Jerome Powell about a potential interest rate cut in September.

According to BERNAMA News Agency, Powell's remarks at the Jackson Hole Economic Policy Symposium suggested a rate cut could be on the agenda for the Federal Open Market Committee's meeting on September 16-17. This speculation has provided a boost to safe-haven assets like gold.

Market participants are also keeping an eye on upcoming US economic data, including the US Conference Board consumer confidence index and the personal consumption expenditures price index. These indicators are crucial for assessing consumer confidence in economic activities and inflation trends, respectively.

In terms of weekly performance, the spot-month August 2025 gold futures contract decreased to US$3,327.30 per troy ounce from US$3,344.10 per troy ounce the previous week. Similarly, the September 2025 contract fell to US$3,332.70 per troy ounce from US$3,349.50 per troy ounce.

For October 2025, the contract weakened to US$3,362.20 per troy ounce, down from US$3,378.90 per troy ounce, and the November 2025 note slipped to US$3,379.00 per troy ounce from US$3,395.70 per troy ounce. Additionally, the December 2025, February 2026, and April 2026 contracts all settled lower at US$3,399.40 per troy ounce compared to US$3,415.20 per troy ounce previously.

The weekly trading volume saw a decline, with 53 lots traded compared to 98 lots in the previous week. However, open interest rose to 56 contracts from 38 contracts. Physical gold was priced at US$3,338.30 per troy ounce, based on the London Bullion Market Association's afternoon fix on August 21.