By Zarul Effendi Razali

KUALA LUMPUR, June 21 (Bernama) -- Gold futures on Bursa Malaysia Derivatives are expected to remain range-bound in the near term in the absence of major developments, while remaining cautious of any signs of deterioration in Middle East stability.

SPI Asset Management managing partner Stephen Innes said at the end of last week, gold prices eased as markets interpreted Donald Trump’s two-week window on a potential Iran strike as a pause in immediate geopolitical escalation.

“With no imminent United States military action, traders used the opportunity to pare back some of their strategic long positions, leading to a softening in gold's recent upward momentum.

“While some analysts suggest the delay may be a negotiation tactic aimed at pressuring Tehran back to the table, the broader regional risk remains elevated. Israel has maintained a notably hawkish stance, and any sudden escalation in Tel Aviv or Tehran could quickly renew safe-haven demand for gold,” he told Bernama.

On a Friday-to-Friday basis, the spot month June 2025 contract decreased to US$3,360.0 per troy ounce from US$3,430.20, and the July 2025 contract went down to US$3,366.5 per troy ounce from US$3,438.70 per troy ounce.

The August 2025, September 2025 and October 2025 contracts all weakened to US$3,388.6 per troy ounce from US$3,458.20.

Trading volume increased to 321 lots from 260 lots recorded in the preceding week, while open interest reduced to 31 contracts from 50 contracts.

According to the London Bullion Market Association’s afternoon fix on June 19, physical gold was priced at US$3,368.90 per troy ounce.

-- BERNAMA