Gold futures contracts on Bursa Malaysia Derivatives are anticipated to trade within a broader range next week, as heightened volatility in the oil market begins to shape the wider macroeconomic outlook.
Stephen Innes, managing partner at SPI Asset Management, noted that persistent tensions in West Asia and a surge in crude oil prices could place additional pressure on gold prices. “If the West Asia crisis continues without signs of easing and crude oil approaches a worst-case scenario near US$120 per barrel, the correlation we have observed between oil, yields, and the dollar suggests that gold could face further downward pressure from higher interest rates and a firmer US dollar,” he said.
Under typical conditions, gold is expected to trade within roughly US$50 per troy ounce week-to-week. However, Innes added that current energy market volatility makes such predictions less reliable. “For now, I am expecting a broader trading range of around US$5,025 to US$5,125 per troy ounce,” he said.
On a week-on-week basis, Bursa Malaysia gold futures contracts saw modest declines. The March 2026 contract fell to US$5,103.8 per troy ounce from US$5,128.50 previously, while April 2026 decreased to US$5,122.6 per troy ounce from US$5,147.0. The May 2026 contract dropped to US$5,141.8 per troy ounce from US$5,166.10, and June and August 2026 contracts settled lower at US$5,175.7 per troy ounce, down from US$5,200.0 per troy ounce.
Weekly trading activity also showed a decline. Trading volume narrowed to 48 lots, down from 73 lots a week earlier, while open interest eased to 78 contracts, compared with 100 contracts previously.
In the physical market, gold was fixed at US$5,130.1 per troy ounce during the London Bullion Market Association (LBMA) afternoon fix on March 12, 2026.
Market analysts noted that while gold is traditionally seen as a safe-haven asset during periods of geopolitical uncertainty, its performance is increasingly linked to energy prices, interest rates, and the strength of the US dollar. Investors are expected to closely monitor developments in the Middle East and the oil market, as these factors are likely to influence gold’s short-term direction and trading range in the coming week.
