By Aishah Mohmad Afandi
KUALA LUMPUR, May 23 -- Gold futures on Bursa Malaysia Derivatives is set for another period of muted trading next week.
An investor said that with the market being closed for two days, the holiday-shortened week would see a drop in demand for the precious metal as investors awaited further market direction.
“International gold demand remains on an uptrend following the escalation tensions between the US and China, which potentially threatens the trade deal that is in place and puts discussions for the second phase in limbo,” she said.
Benchmark COMEX gold regained some positive traction on the last trading day of the week as it recovered a part of the previous day's sharp fall to one-week lows.
On a Friday-to-Friday basis, May 2020 declined 52 ticks to RM234.35, June 2020 and July 2020 added one tick each to RM240.00 and RM240.05 respectively, and August 2020 rose 46 ticks to RM242.40.
Weekly turnover was nil, the same as the previous week, as trading on Bursa gold was muted while open interest inched up to 51 contracts from 50 contracts last week.
Malaysia National News Agency
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