Commodities
Gold Futures Seen Trading Upward as US Data Softens
Kuala Lumpur-based analyst Dr Mohd Afzanizam Abdul Rashid believes that gold futures on Bursa Malaysia Derivatives will trade with an upward bias next week. He cites softer US economic data as a key driver of this expectation.
The recent decline in US Treasury yields is also seen as potentially providing further upside for spot gold prices, according to Dr Mohd Afzanizam Abdul Rashid.
He predicts that spot gold prices may attempt to break the $4,400 per ounce level next week, with crude oil prices expected to remain stable and skewed to the downside. The current price of physical gold is at $4,368.10 per troy ounce.