KUALA LUMPUR – Gold futures on Bursa Malaysia Derivatives are expected to experience continued volatility in the coming week, driven by ongoing global economic uncertainties and shifting geopolitical developments.
According to Stephen Innes, managing director of SPI Asset Management, the precious metal is likely to trade within a wide range as investors navigate conflicting signals from major economies. “Next week could see more of the same volatility,” Innes said, adding that ASEAN leaders are preparing for potential trade deals with the United States, while China shows signs of diplomatic flexibility. These factors may contribute to a narrative of cautious optimism, which could limit gold’s upside momentum in the near term.
Despite this cautious optimism, Innes noted that global trade negotiations remain unpredictable, which could also cap gold’s downside potential. One-week implied volatility for gold stands at approximately 6.2%, suggesting a projected trading range of around US$90 based on current spot prices of US$3,300.
Innes expects the price of gold to fluctuate between US$3,270 and US$3,360 per troy ounce next week, reflecting both the persistent uncertainty in the market and its quick responses to policy signals.
Looking at the past week’s performance, the April spot month gold contract saw a slight increase, closing at US$3,307.20 per troy ounce, up from US$3,305.20 the previous week. The May 2025 contract also saw a small rise, ending at US$3,316.20, compared to US$3,315.60. Similarly, the June, July, and August 2025 contracts rose slightly, closing at US$3,332.80 per troy ounce, up from US$3,330.30.
However, trading volume decreased to 871 lots from 1,984 lots the previous week, and open interest fell to 88 contracts from 175 contracts.
According to the London Bullion Market Association’s afternoon fix on April 24, physical gold was priced at US$3,314.75 per troy ounce.
