Gold Futures Tumble as Oil Price Uncertainty Takes Hold
Gold futures on Bursa Malaysia Derivatives are expected to trade lower next week due to uncertainty surrounding crude oil prices, according to Stephen Innes, managing partner at SPI Asset Management. Innes noted that gold remains inversely correlated with oil prices in the current environment, meaning if oil rises, gold will likely fall, and vice versa.
Inness stated that there appears to be structural support around the US$4,000 per troy ounce level, but crude oil price movements will be a key driver for gold futures next week. He predicted that gold will trade within a US$4,010 to US$4,110 per troy ounce range.
On a weekly basis, the spot-month July 2026 contract rose to US$4,054.50 per troy ounce from US$4,003.50 per troy ounce previously. The October and December 2026 contracts strengthened to US$4,117.50 per troy ounce from US$4,065.20 at the end of the previous week.