Kuala Lumpur: Gold futures on Bursa Malaysia Derivatives will likely remain well-supported following the unpredictability of Donald Trump's policies, said an analyst. SPI Asset Management managing partner Stephen Innes noted that markets are bracing for the inflationary impact of Trump's upcoming policies, which are set against an already heightened inflation baseline.

According to BERNAMA News Agency, Innes mentioned that gold appears well-supported amid the unpredictability of Trump's policies and their potential to disrupt global markets. He stated, "I anticipate gold will find buyers on dips to US$2,685, with resistance likely to be around US$2,735 in the coming week. However, the greater risk seems tilted toward the upside, as geopolitical and economic uncertainties could drive further safe-haven demand."

On a Friday-to-Friday basis, the spot-month January 2025 contract closed higher at US$2,702.70 per troy ounce, up from US$2,692.70 per troy ounce the previous week. Meanwhile, the February 2025 contract rose to US$2,711.20 per troy ounce from US$2,703.10 per troy ounce. The March, April, and June 2025 contracts all settled higher at US$2,719.30 per troy ounce from US$2,707.30 per troy ounce last week.

Volume eased to 40 lots from 83 lots the previous week, while open interest widened to 78 contracts from 56 contracts. According to the London Bullion Market Association's afternoon fix on Jan 16, the physical gold price stood at US$2,716.50 per troy ounce.