KUALA LUMPUR, March 21 — Gold futures on Bursa Malaysia Derivatives may experience volatile trading next week as investors monitor uncertainty in crude oil price movements.
SPI Asset Management managing partner Stephen Innes said if crude continues to rise, it could eventually trigger demand destruction, where high prices curb consumption and push oil lower, which in turn would ease inflation and help gold stabilise.
“However, there is a near-term risk. If oil overshoots before demand softens, it will drag US yields higher in the interim, tighten financial conditions, and lean directly against gold.
“This creates a feedback loop, where higher oil prices drive yields, higher yields pressure gold, and weaker risk sentiment leads to further selling,” he told Bernama.
On a week-on-week basis, March 2026 decreased to US$4,720.10 per troy ounce from US$5,103.8 per troy ounce.
April 2026 fell to US$4,740.20 per troy ounce from US$5,122.6 per troy ounce, and May 2026 declined to US$4,760.4 per troy ounce from US$5,141.8 per troy ounce previously.
The June and August 2026 contracts also settled lower at US$4,794.30 per troy ounce versus US$5,175.7 per troy ounce previously.
Weekly trading volume surged to 93 lots from 48 lots a week earlier, while open interest grew to 88 contracts from 78 contracts.
Physical gold was fixed at US$4,869.95 per troy ounce at the London Bullion Market Association afternoon fix on March 18, 2026.
