Gold Futures Decline On Strong US Payroll Data

KUALA LUMPUR, Oct 7 (Bernama) -- Gold futures on Bursa Malaysia Derivatives closed lower on Monday as strong United States (US) payroll data led traders to anticipate a smaller interest rate cut by the US Federal Reserve.

Spot month October 2024 gold futures contract decreased to US$2,663.30 per troy ounce from US$2,669.80 per troy ounce on Friday, while November 2024 fell to US$2,684.70 per troy ounce from US$2,691.10 previously.

Meanwhile, the December 2024, January 2025 and February 2025 contracts all settled weaker at US$2,685.20 per troy ounce compared with US$2,691.60 per troy ounce previously.

Trading volume slipped three lots from 33 lots last Friday while open interest narrowed to 19 contracts from 67 contracts previously.

According to the London Bullion Market Association’s afternoon fix on Oct 4, the price of physical gold stood at US$2,650.05 per troy ounce.

-- BERNAMA