Gold Futures Poised to Extend Gains on Strong Spot Prices and Comex Performance
Gold futures on Bursa Malaysia Derivatives are expected to continue their upward trend this week, supported by rising spot gold prices and strong performance from Comex gold.
The spot price of gold has already shown strength in the previous week, reaching a high of US$4,305.69 per troy ounce, coinciding with a decline in crude oil prices following reports on the possible reopening of the Strait of Hormuz.
According to Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid, gold exchange-traded funds have seen a net inflow of US$3 billion in July, reversing two consecutive months of outflows. However, uncertainties in US interest rates may put a cap on gold prices.
This week, spot gold prices are projected to reach between US$4,250 and US$4,350 per troy ounce, influenced by the current global market trends.