Gold Futures Predicted to Hit $4,600 Amid US Debt Worries

Gold futures on Bursa Malaysia Derivatives are expected to breach $4,600 per troy ounce next week, according to Quintex Intel global strategist Stephen Innes.

Innes believes gold will remain supported as investors seek protection against growing concerns over US national debt and the credibility of its fiscal policies. He cited that US debt has surpassed $40 trillion for the first time, which is a major concern for policymakers.

Investors will be watching for clues on the US Federal Reserve's policy decision at the upcoming Federal Open Market Committee meeting on September 15-16. The Jackson Hole Symposium on August 27-29 may also provide fresh leads on the Fed's stance.