Gold Futures Continues Uptrend, Tracking Comex Gold Futures

Kuala Lumpur-Malaysia ( Jan 6)  Gold futures contracts on Bursa Malaysia Derivatives continued to close higher today in line with the bullish New York Commodity Exchange's (COMEX) gold futures.

 Phillip Futures Sdn Bhd dealer Lim Eng Wee said investors' appetite for the safe-haven commodity increased against the backdrop of political risks in Greece and a slump in global equities market.

 "The United States Mint sold 42,000 ounces of gold coins so far this month compared with 18,000 ounces for the whole of December.

 "According to the US Commodity Futures Trading Commission, speculators increased their net long position by 5.7 per cent to 98,391 contracts during the week ended Dec 30," he told Bernama.

 At the close, January 2015 added 69 ticks to RM139.45 a gramme, February 2015 gained 60 ticks to RM139.75 a gramme, March 2015 appreciated 68 ticks to RM140.15 a gramme, and April 2015 increased 61 ticks to RM140.55 a gramme.

 Open interest increased to 3,139 contracts from 3,099 contracts yesterday while turnover was higher at 139 lots valued at RM1.94 million from 94 lots valued at RM1.28 million, previously.

 The physical price of gold at 5 pm was RM2.89 higher at RM134.07 a gramme from RM131.18 a gramme yesterday.