Gold futures to trade higher

KUALA LUMPUR: The gold futures contracts on Bursa Malaysia Derivatives are expected to trade higher next week due to global uncertainty.

Phillip Futures Sdn Bhd dealer Ong Su Ling said gold prices are expected to stay bullish as it is likely to be supported by few major factors.

“Among these are the Brexit uncertainties and a prolonged US government shutdown which have further pressured market confidence on lingering economic concerns,” she told Bernama.

On a Friday-to-Friday basis, spot month January 2019 increased 10 ticks to RM170.50 a gramme, February 2019, March 2019 and April 2019 rose 6 ticks each to RM170.50, RM171.00 and RM171.10 a gramme respectively.

Weekly turnover was one lot at RM16,970 compared to four lots worth RM68,140 previously, while open interest remained at 23 contracts. – Bernama