Kuala lumpur: Gold futures on Bursa Malaysia Derivatives are projected to trade within a narrow range of US$4,680 to US$4,780 per troy ounce next week, driven by expectations of easing tensions in West Asia.

According to BERNAMA News Agency, SPI Asset Management managing partner Stephen Innes noted that the future of gold prices is closely linked to oil-driven inflation risks. The developments in West Asia are a critical factor, as any de-escalation could lead to lower US Treasury yields and potentially increase expectations for a US Federal Reserve interest rate cut, which would be advantageous for gold.

The local market observed a holiday closure last Friday in celebration of Labour Day. On a week-to-week comparison, the spot-month May 2026 contract climbed to US$4,743.70 per troy ounce on Friday from US$4,659.50 per troy ounce the prior week. Similarly, the June 2026 contract saw an increase to US$4,757.70 per troy ounce from US$4,670.20 per troy ounce.

Contracts for July, August, and October 2026 also experienced a rise, settling at US$4,772.70 per troy ounce, up from US$4,670.20 per troy ounce the previous week. The weekly trading volume saw a slight increase, climbing to 68 lots from 65 lots, although open interest decreased to 68 contracts from 97 contracts the week before.

Physical gold was set at US$4,743.35 per troy ounce at the London Bullion Market Association's afternoon fix on May 7, 2026.