Kuala lumpur: Gold futures on Bursa Malaysia Derivatives are expected to trade lower next week, with crude oil prices being the key driver amid tensions in West Asia.

According to BERNAMA News Agency, SPI Asset Management managing partner Stephen Innes noted that gold remains inversely correlated with oil prices in the current environment.

"If oil moves higher, gold is likely to come under pressure, while a retreat in crude should provide support for the precious metal. That said, there appears to be structural support around the US$4,000 per troy ounce level," Innes stated. He added that China's central bank was still buying gold in May, suggesting that official-sector demand remains one of the market's primary sources of support.

Innes projected that gold would trade within a range of US$4,010 to US$4,110 per troy ounce in the coming week. Over the previous week, the spot-month July 2026 contract rose to US$4,054.50 per troy ounce on Friday from US$4,003.50 per troy ounce previously. The August 2026 contract edged up to US$4,074.20 per troy ounce from US$4,021.70 per troy ounce, while the September 2026 contract gained to US$4,087.00 per troy ounce from US$4,034.70 per troy ounce.

Additionally, the October and December 2026 contracts strengthened to US$4,117.50 per troy ounce from US$4,065.20 at the end of the previous week. The weekly trading volume jumped to 626 lots from 450 lots, while open interest increased to 210 contracts yesterday from 202 contracts a week earlier. Physical gold was fixed at US$4,044.90 per troy ounce at the London Bullion Market Association's afternoon fix on July 23, 2026.