Gold Futures May Face Profit-Taking Ahead of US Inflation Data
KUALA LUMPUR, Sept 5 (Bernama) -- The outlook for gold futures on Bursa Malaysia Derivatives is uncertain ahead of next week's US inflation data release. Quintex Intel global strategist Stephen Innes believes profit-taking may occur in the short term due to market expectations.
The September 2026 contract price fell to $4,477.50 per troy ounce from $4,619.30 last week, while the October 2026 contract declined to $4,491.30 per troy ounce from $4,635.50. The broader themes of strong central bank buying and robust Asian retail demand continue to provide support for gold prices.
Innes noted that higher-than-expected inflation readings could revive expectations for a Federal Reserve rate hike, putting pressure on gold prices. He stated, 'Much of the outlook from here would hinge on next week's US Consumer Price Index and Producer Price Index reports.'