Gold Futures Close Lower On Profit Taking

Kuala Lumpur-Malaysai (Nov 11)  Gold futures contracts on Bursa Malaysia Derivatives closed lower on profit taking, after recording gains for the last two trading days, a dealer said.

 He said the Bursa gold futures fell 1.27 per cent on Tuesday as holdings in the world's largest gold-backed exchange traded fund (ETF) fell to a fresh six-year low and a stronger dollar that curbed demand for the metal.

 "Holdings in SPGR Gold ETF fell 1.8 tonnes on Monday to 725.36 tonnes. The fund had seen outflows of 15.8 tonnes so far this month.

 "However, losses were limited by physical metal purchase by major consumer China on Tuesday after a sharp fall in prices," he told Bernama.

 At the close, November 2014 lost 28 ticks to RM123.95 a gramme, December 2014 and February 2015 dipped 26 ticks each to RM124.20 a gramme and RM124.80 a gramme, respectively, while January 2015 declined 29 ticks to RM124.50 a gramme.

 Open interest slipped to 2,008 contracts from 2,141 contracts on Monday, while turnover shed to 234 lots worth RM2.9 million from the 313 lots worth RM3.93 million, previously.

 As at 5 pm, the physical price of gold was RM1.72 lower at RM119.73 per gramme from RM121.45 per gramme on Monday.

Source:  BERNAMA