KUALA LUMPUR : Gold futures on Bursa Malaysia Derivatives are expected to remain volatile next week, as cautious sentiment continues to dominate amid persistent global uncertainties and a weakening bullish trend in safe-haven assets.
In its weekly outlook, RHB Investment Bank Bhd highlighted that traders are likely to maintain a defensive approach, with the recent momentum in gold showing signs of softening.
“We maintain a negative trading bias as downward pressure continues to mount,” the bank noted in its report.
RHB projected immediate support for gold prices at US$3,200 per troy ounce, while resistance is expected around the US$3,400 level.
On a week-on-week basis, the spot month May 2025 contract declined to US$3,274.10 per troy ounce from US$3,316.20 previously. Other active contracts, including June, July, August and October 2025, also recorded losses, settling at US$3,288.10 per troy ounce compared to US$3,332.80 the week before.
Trading activity also softened, with total volume contracting to 352 lots from 871 lots in the previous week. Open interest fell to 40 contracts from 88, indicating a more reserved stance among market participants.
According to the London Bullion Market Association’s afternoon fix on 1 May, physical gold was valued at US$3,214.75 per troy ounce.
–Bernama
