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Gold futures expected to trade lower next week

05/06/2021 10:07 AM

KUALA LUMPUR, June 5  -- The gold futures contract on Bursa Malaysia Derivatives is likely to trade lower next week as the metal remained under pressure due to a firm US dollar next week, said a dealer. 

Phillip Futures Sdn Bhd dealer Muhammad Fawwaz Zakaria said strong US economic data would  pressure gold further downward.

Another dealer said the movement of the gold market would depend on the release of the US non-farm payrolls data late Friday.

The local gold futures market was untraded throughout the week due to lack of demand. 

On a Friday-to-Friday basis, Bursa Malaysia’s gold futures contract for June 2021 remained at RM225.0 a gramme, July 2021 was pegged at RM230.0 a gramme, August 2021 and new contract months September 2021 stood at RM255.0 a gramme respectively. 

Volume remained nil while open interest stood at eight contracts.

Meanwhile, the price of physical gold fell RM3.30 to RM240.12 from last Friday’s RM243.42 a gramme. 


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