Kuala Lumpur: The gold futures market on Bursa Malaysia Derivatives is expected to trade higher next week. SPI Asset Management managing director Stephen Innes has projected that the gold price will fluctuate between US$2,970 and US$3,030 per troy ounce. Innes expressed confidence in surpassing the US$3,000 per troy ounce mark, attributing this to the United States President Donald Trump’s wave of tariffs and ongoing economic concerns, which are prompting investors to gravitate toward safe-haven assets.

According to BERNAMA News Agency, Innes highlighted that markets are adjusting to the reality that growth concerns are now more prominent than inflation fears, thereby reinforcing gold’s position as the ultimate hedge. He explained that the relationship is straightforward: higher tariffs lead to greater uncertainty, which in turn strengthens the appeal of bullion. With diminishing risk appetite and policymakers finding themselves increasingly constrained, gold’s ongoing rally appears to have ample momentum left.

On a Friday-to-Friday basis, the spot-month March 2025 contract increased to US$2,999.60 per troy ounce from US$2,928.60 previously, while the April 2025 contract rose to US$3,009.90 per troy ounce from US$2,938.40. Additionally, the May 2025, June 2025, and August 2025 contracts climbed to US$3,019.90 per troy ounce from US$2,946.80 last week.

Trading activity saw a surge, with the volume rising to 419 lots this week from 251 lots last week, while open interest jumped to 454 contracts from 140 contracts previously. Meanwhile, according to the London Bullion Market Association’s afternoon fix on March 13, physical gold was priced at US$2,974.05 per troy ounce.