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MARKET • 04/10/2024 07:13 PM

Gold Futures End Higher Spurred By Safe-Haven Demand

KUALA LUMPUR, Oct 4 (Bernama) -- Gold futures on Bursa Malaysia Derivatives rebounded to end higher on Friday, driven by steady demand.

A dealer noted that investors flocked to gold as a safe-haven asset, driving up its demand and price amid escalating conflicts in the Middle East and caution ahead of the critical US nonfarm payrolls data to be released later tonight.

Spot month October 2024 gold futures contract increased to US$2,669.80 per troy ounce from US$2,655.80 per troy ounce on Thursday, while November 2024 rose to US$2,691.10 per troy ounce from US$2,677.60 yesterday.

Meanwhile, the December 2024, January 2025 and February 2025 contracts all settled higher at US$2,691.60 per troy ounce compared with US$2,677.60 per troy ounce previously.

Trading volume surged to 33 lots from three lots while open interest jumped to 67 contracts from 20 contracts previously.

According to the London Bullion Market Association’s afternoon fix on Oct 3, the price of physical gold stood at US$2,647.65 per troy ounce.

-- BERNAMA

 

 

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