Gold Futures Forecast To Trade Range-bound With Downward Bias Next Week

By Engku Shariful Azni Engku Ab Latif

KUALA LUMPUR, Oct 31 (Bernama) -- Gold futures are expected to trade range-bound with a slight downward bias next week, said an analyst.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the precious metal’s prices are likely to remain low in the near term as higher inflation rate in the United States would mean the US Federal Reserve is likely to maintain its restrictive stance.

“It (gold futures prices) should linger around US$3,950 to US$4,000 per troy ounce,” he told Bernama.

On a week-on-week basis, the October 2026 contract fell to US$3,981.10 per troy ounce on Friday from US$4,027.60 previously, the November 2026 contract slid to US$4,003.00 per troy ounce from US$4,043.60, and the December 2026 contract dropped to US$4,017.90 per troy ounce from US$4,059.20. 

Meanwhile, the January 2027, February 2027 and April 2027 contracts declined to US$4,019.00 per troy ounce from US$4,059.20 previously.

Weekly trading volume dropped to 341 lots from 503 in the preceding week, while open interest decreased to 65 contracts from 163 previously.

Physical gold was fixed at US$4,026.30 per troy ounce at the London Bullion Market Association's afternoon fixing on Oct 29, 2026.

-- BERNAMA