KUALA LUMPUR: Gold futures contract on Bursa Malaysia Derivatives is expected to trade higher next week, in anticipation of a weaker US dollar.

A dealer said the greenback is believed to be under pressure next week ahead of the United States (US) Federal Open Market Committee (FOMC) meeting, scheduled on June 13 and 14.

Some market analysts expect the Federal Reserve to likely abstain from raising interest rates next week, thus providing support for gold.

For the week just ended, domestic gold futures traded lower with a total of 25 lots recorded during the week compared with 114 lots last week, while open interest ended at 37 contracts.

The market was closed on Monday, June 5, 2023, in conjunction with the birthday of the Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah.

On a weekly basis, spot month June 2023 decreased to US$1,968.70 per troy ounce from US$1,985.60 per troy ounce a week earlier.

Contracts for July 2023, August 2023, October 2023 and December 2023 all settled weaker at US$1,966.40 per troy ounce from US$1,977.40 per troy ounce last week.-Bernama