Kuala Lumpur: Gold futures on Bursa Malaysia Derivatives are expected to remain volatile next week due to the global economic uncertainty and shifting geopolitical dynamics. SPI Asset Management managing director Stephen Innes noted that the precious metal is likely to trade within a wide range as investors weigh mixed signals from major economies.

According to BERNAMA News Agency, Innes stated that the upcoming week might witness continued volatility. With ASEAN leaders preparing for potential trade deals with the United States and China showing diplomatic flexibility, the narrative may lean toward cautious optimism. This situation could result in gold struggling to regain strong upside momentum in the near term, while the unpredictable nature of global trade negotiations may limit the downside.

One-week implied volatility currently stands at approximately 6.2 percent, suggesting a projected trading band of roughly US$90 based on spot prices near US$3,300. Innes mentioned that a reasonable expected range for next week would be between US$3,270 and US$3,360 per troy ounce, reflecting ongoing uncertainty and the market’s rapid reaction to policy signals.

On a Friday-to-Friday basis, the April spot month gained to US$3,307.20 per troy ounce from US$3,305.20 per troy ounce last week, while May 2025 rose to US$3,316.20 per troy ounce from US$3,315.60 per troy ounce. The June, July, and August 2025 contracts each increased to US$3,332.80 per troy ounce from US$3,330.30 per troy ounce last week. Additionally, volume fell to 871 lots from 1,984 lots previously, while open interest declined 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.