Gold Futures Slump Predicted Amid Oil Price Uncertainty
Gold futures on Bursa Malaysia Derivatives are expected to trade lower next week due to uncertainties in crude oil prices. According to Stephen Innes, managing partner of SPI Asset Management, gold remains inversely correlated with oil prices.
In a recent interview, Innes stated that 'if oil moves higher, gold is likely to come under pressure, while a retreat in crude should provide support for the precious metal.' He also noted that there appears to be structural support around the $4,000 per troy ounce level.
Despite this, Innes predicted that gold will trade within a narrow range of $4,010 to $4,110 per troy ounce next week. This prediction is based on China's central bank continuing to buy gold in May and official-sector demand remaining one of the market's primary sources of support.
On a week-on-week basis, gold futures prices have been rising. The spot-month July 2026 contract rose to $4,054.50 per troy ounce from $4,003.50 previously, while the August 2026 contract edged up to $4,074.20 from $4,021.70.
The trading volume jumped to 626 lots from 450 lots, and open interest increased to 210 contracts from 202 contracts a week earlier. Physical gold was fixed at $4,044.90 per troy ounce on July 23, 2026.