Gold Futures Firm Amid Lower Rate-Hike Odds

Gold futures on Bursa Malaysia Derivatives are likely to remain supported next week, according to Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid.

The spot gold prices are expected to hover around US$4,590 to US$4,610 per troy ounce amid reduced expectations of a US Federal Reserve (Fed) rate hike.

Dr Mohd Afzanizam said that the lower odds for a rate hike by the Fed could continue to support demand for the precious metal, with spot gold prices expected to remain stable despite intermittent profit-taking.

The market will closely monitor US non-farm payrolls (NFP) and ISM data next week for further clues on the Fed's interest rate outlook.