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Home Gold News Gold Futures Expected to Rise in Next Week

Gold Futures Expected to Rise in Next Week

by daisy

Gold futures on Bursa Malaysia Derivatives are anticipated to maintain an uptrend next week, buoyed by growing optimism that the US Federal Reserve will lower interest rates in September, according to Stephen Innes, Managing Director of SPI Asset Management. Innes highlighted that gold’s appeal as a hedge against rising geopolitical risks, including the intensifying conflict between Ukraine and Russia, is likely to drive demand.

Innes forecasts gold prices will range between $2,450 and $2,490 per troy ounce. The August 2024 contract surged to $2,484.30 per troy ounce from $2,427.40 the previous week. Similarly, the September 2024, October 2024, November 2024, December 2024, and February 2025 contracts all settled higher at $2,488.00 per troy ounce from $2,431.10. Trading volume increased to 244 lots from 162, with open interest rising to 135 contracts from 56. As of August 15, the London Bullion Market Association reported the physical gold price at $2,446.65 per troy ounce.

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