KUALA LUMPUR: Gold futures contract on Bursa Malaysia Derivatives is likely to trade range-bound next week on cautious sentiment, according to Phillip Futures Sdn Bhd dealer Stephen Lou Yoke Lim.
“Investors remain cautious on prevailing economic and political uncertainties, with doubts on the US-China trade deal,” he told Bernama.
For the week just ended, gold futures recorded gains on each trading day and settled above the RM200 a gramme level on Friday on increased demand for the precious metal as a safe-haven asset amid lingering uncertainties surrounding the United States-China trade deal.
On a Friday-to-Friday basis, spot month December 2019 rose 80 ticks to RM200.50 a gramme, January 2020 increased 78 ticks to RM200.70 a gramme, February 2020 advanced 84 ticks to RM201.60 a gramme and March 2020 were 64 ticks higher at RM202.20 a gramme.
Weekly turnover climbed to nine lots worth RM180,100 from two lots worth RM39,340 in the preceding week, while open interest widened to 139 contracts from 134 contracts previously.
The market was closed on Wednesday this week for Christmas and will be shut again on Wednesday next week for New Year’s Day. – Bernama
