By Zairina Zainudin
KUALA LUMPUR, April 15 (Bernama) -- Gold futures contract on Bursa Malaysia Derivatives closed slightly lower today as the stronger ringgit versus the US dollar curbed demand for the precious metal.
Phillip Futures Sdn Bhd dealer Ong Su Ling said the pattern on the local market was in tandem with the benchmark US Commodity Exchange's (Comex) gold futures as progress in the US-China trade talks lifted risk sentiment, taking the sheen off safe-haven bullion even as the dollar weakened.
“In the short-term, gold prices will remain supported, however, it is likely to enter a correction as current global equities markets remain stronger on dovish statements from the US central bank,” she told Bernama.
US Federal Reserve chairman Jerome Powell reportedly told lawmakers at a Democratic Party retreat held recently that the central bank would remain independent and does not consider political pressure in any way.
At the close, April 2019, May 2019, June 2019 and July 2019 fell 12 ticks each to RM170.90, RM170.90, RM170.80, and RM170.90 a gramme, respectively.
Volume remained nil, while open interest was unchanged from last Friday’s 34 contracts.
At 5 pm, the price of physical gold down RM1.09 at RM164.36 a gramme.