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MARKET News


Gold futures close mostly unchanged

Last update: 13/08/2019
KUALA LUMPUR, Aug 13 (Bernama) -- Gold futures contract on Bursa Malaysia Derivatives closed mostly unchanged today amid a stronger US dollar, coupled with mounting concerns over global growth.

Spot month August 2019, September 2019 and October 2019 were unchanged at RM197.50, RM193.10 and RM194.10 per gramme.

November 2019, however, rose nine ticks to RM195.00 per gramme.

Volume was nil compared with eight lots valued at RM156,800 recorded last Friday, while open interest narrowed slightly to 110 contracts against 117 contracts previously.

At 5 pm, the price of physical gold was up RM3.48 to RM198.85 per gramme.

The market was closed yesterday in lieu of Hari Raya Aidiladha which fell on Sunday.

Speaking to Bernama, Phillip Futures Sdn Bhd’s dealer Leo Goh said the precious metal is expected to trend higher in the coming days, tracking the uptrend on the US Commodity Exchange's (Comex) gold market.

“The uncertainties caused by the (US-China) trade tension, which has yet to be resolved, will lead to a negative sentiment in the market and this will provide support for the precious metal,” he said.

Despite the weaker ringgit versus the US dollar, demand in the local market would be influenced by the external environment, said Goh.

The ringgit closed lower at 4.1960/1990 against the US dollar today from Friday’s close of 4.1830/1860 as concerns over the global economic slowdown spurred appetite for the greenback.

-- BERNAMA



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