KUALA LUMPUR: The gold futures contract on Bursa Malaysia Derivatives is expected to be less bullish next week, but will still be supported amid ongoing geopolitical tensions, an analyst said.

SPI Asset Management managing director Stephen Innes said the US dollar's resilience and a less dovish US Federal Reserve (Fed) interest rate outlook have dampened enthusiasm towards the safe haven commodity.

"While downside support will remain due to geopolitical tensions, the upside looks limited unless we see a more dovish repricing of the Fed curve driven by weaker US data," he told Bernama.

On a Friday-to-Friday basis, the spot month October 2024 contract ended the week easier at US$2,645.90 per troy ounce from US$2,669.80 last week and November 2024 fell to US$2,667.70 compared to US$2,691.10 previously.

The December 2024, January 2025 and February 2025 notes all settled lower at US$2,669.10 per troy ounce from US$2,691.60.

Volume widened to 88 lots from 71 lots last week while open interest narrowed to 53 contracts against 67 contracts previously.

According to the London Bullion Market Association's afternoon fix on Oct 10, the price of physical gold stood at US$2,628.95 per troy ounce.