KUALA LUMPUR: The gold futures contract on Bursa Malaysia Derivatives is expected to trade higher within the range of US$2,360 to US$2,380 per troy ounce next week. 

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said gold prices may stay elevated next week.

"This is in light of the increasing odds for a September Federal Funds Rate cut," he told Bernama. 

On a Friday-to-Friday basis, the July 2024 contract firmed to US$2,370.50 per troy ounce from US$2,335.70 per troy ounce previously, while August 2024 rose to US$2,386.50 per troy ounce from US$2,351.70 per troy ounce.

The September 2024, October 2024, December 2024, and February 2025 contracts all settled higher at US$2,386.50 per troy ounce compared with US$2,351.70 per troy ounce a week earlier.

The volume of gold futures traded in the local market shrank to 42 lots from 84 lots in the previous week, while open interest declined to six contracts against 36 contracts a week before.

The price of physical gold stood at US$2,358.65 per troy ounce, according to the London Bullion Market Association's afternoon fix on July 4.

The market will be closed on Monday, July 8, 2024, in conjunction with the Awal Muharram replacement holiday and will reopen on Tuesday.

- BERNAMA

TAGS: Gold futures, Bursa Malaysia Derivatives, US interest rate, Mohd Afzanizam Abdul Rashid, Weekly