Market Overview: Gold futures on Bursa Malaysia Derivatives retreated on Friday as traders anticipated the release of key economic data from the United States next week.
Price Movements:
September 2024 Contract: Fell to US$2,661.60 per troy ounce, down from US$2,671.50 on Thursday.
October 2024 Contract: Closed at US$2,675.10, compared to US$2,684.70 the previous day.
November 2024 Contract: Also settled lower at US$2,675.10.
December 2024, February 2025, and April 2025 Contracts: All experienced declines similar to the October and November contracts.
Market Activity: Trading volume increased significantly to 54 lots from 17 lots on Thursday, indicating heightened market activity. Open interest also widened to 71 contracts from 37 contracts previously.
Physical Gold Price: According to the London Bullion Market Association, the price of physical gold was US$2,663.75 per troy ounce as of September 26.
Conclusion
The decline in gold futures reflects market caution ahead of significant US economic data, with increased trading activity indicating traders are positioning themselves for potential volatility.
