KUALA LUMPUR, May 16 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives ended higher due to softer US dollar and lower United States (US) Treasury yield after the US Consumer Price Index data signalled cooling inflation.
The recent US inflation data showed that inflation has softened to 3.4 per cent in April year-on-year from 3.5 per cent in March, which has boosted hopes for an interest rate cut by the US Federal Reserve.
At the close, the spot month May 2024 contract rose to US$2,391.20 per troy ounce from US$2,380.00 at Wednesday’s close.
The June 2024, July 2024, August 2024, October 2024 and December 2024 contracts all settled higher at US$2,401.20 per troy ounce from US$2,390.00 on Wednesday.
Volume increased to 98 lots from 46 lots yesterday, while open interest rose to 115 contracts from 69 contracts previously.
According to the London Bullion Market Association’s afternoon fix on May 15, the price of physical gold stood at US$2,357.50 per troy ounce.
-- BERNAMA
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