Kuala Lumpur: The gold futures market on Bursa Malaysia Derivatives is expected to trade on cautious mode next week. SPI Asset Management managing director Stephen Innes mentioned that gold is anticipated to trade with a bullish bias between US$2,900 and US$2,950 per troy ounce.

According to BERNAMA News Agency, the rally extension would be influenced by early-month data releases, shaping the macro landscape. If economic softness continues, gold could maintain its upward trajectory as the market anticipates deeper US Federal Reserve easing. A solid floor is forming in bullion at US$2,900, identified as a key pivot point. This level has remained steady despite higher global yields. Should the US non-farm payrolls data prompt a dovish Fed pivot, gold might break higher, turning this support zone into a springboard for further increases. Initial resistance is expected at US$2,950.

On a Friday-to-Friday basis, the spot-month March 2025 contract increased to US$2,928.60 per troy ounce from US$2,867.20 previously, while the April 2025 contract rose to US$2,938.40 per troy ounce from US$2,879.90. Meanwhile, the May 2025, June 2025, and August 2025 contracts all settled at US$2,946.80 per troy ounce.

Volume increased to 491 lots this week from 251 lots last week, while open interest surged to 140 contracts from 37 contracts previously. According to the London Bullion Market Association’s afternoon fix on March 6, physical gold was priced at US$2,922.20 per troy ounce.