By Nurunnasihah Ahmad Rashid
KUALA LUMPUR, Nov 21 -- The gold futures contract on Bursa Malaysia Derivatives is likely to remain quiet next week on lack of buying support as investors move to risky assets, said a dealer.
FTXM market analyst Han Tan said investors would continue to monitor the health response of major economies, whereby further evidence of the pandemic’s grip may further dampen risk-taking activities.
“Besides the global tally of COVID-19 cases, investors are also set to digest major economic data releases, such as the European Union’s latest Purchasing Managers’ Index figures and China’s October industrial profits,” he told Bernama.
The US data dump on Wednesday will feature the second reading of the country’s third-quarter Gross Domestic Product, personal spending data, and the latest weekly jobless claims.
“Positive surprises from such data releases could buffer hopes that the global economic recovery remains intact and drive investors away from the precious metal,” he said.
Meanwhile, the local gold market ended the week untraded on lack of buying interest.
On a Friday-to-Friday basis, gold futures on Bursa Malaysia for November 2020, December 2020, January 2021 and February 2021 remained at RM254.25, RM260.0, RM257.5 and RM248.0 a gramme, respectively.
Weekly turnover remained nil, while open interest stood at 21 contracts.
Meanwhile, the price of physical gold fell to RM237.51 a gramme compared with RM240.94 a gramme on the previous Friday.
Malaysian National News Agency
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