Gold Futures Tumble Ahead: Oil Prices Weigh Heavily on Market

The gold futures market on Bursa Malaysia Derivatives is expected to decline next week, according to SPI Asset Management's managing partner Stephen Innes.

Innes attributes this expectation to the inverse correlation between gold prices and crude oil prices in the current environment.

If oil prices rise, gold is likely to come under pressure, while a decrease in crude should provide support for gold.

Despite this, there appears to be structural support around the $4,000 per troy ounce level, with China's central bank still buying gold in May and official-sector demand remaining one of the market's primary sources of support.