By Nurunnasihah Ahmad Rashid
KUALA LUMPUR, June 12 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives closed higher for the second consecutive day on improved buying interest, a dealer said.
Philip Futures Sdn Bhd trader Leo Goh Boon Hao said this was in tandem with the performance of the COMEX gold futures market as investors sought more clues on the possibility of a US interest rate cut next week.
He said there were expectations that the US Federal Reserve would cut interest rates, sending the US dollar weaker and improving the gold market.
“The bullion is likely to trade higher this week, continuing last week's uptrend,” he told Bernama.
At the close, spot month June 2019, July 2019, August 2019 and September 2019 rose 22 ticks each to RM178.30, RM178.30, RM178.40 and RM178.50 per gramme, respectively.
Volume rose to 12 lots valued at RM214,090 from seven lots valued at RM124,140 yesterday, while open interest decreased to 39 contracts from 40 contracts previously.
At 5 pm, the price of physical gold went up RM1.90 to RM173.05 per gramme.