Gold Futures Contracts End Lower

Kuala Lumpur-Mayaysia (Nov 3)  Gold futures contracts on Bursa Malaysia Derivatives ended lower today, tracking losses on the US COMEX gold price and due to the rebound of the ringgit against US dollar, dealers said.

 Phillip Futures Sdn Bhd Dealer, Chua Zheng Liang, said on the COMEX gold market, gold slipped to a four-week low on Monday, easing for a fifth straight session as the prices came under pressure from the strength in the US dollar.

 He said the market was also concerned about talks that the US Federal Reserve (Fed) may press ahead with an interest rate increase this year.

 "The gold market is expected to consolidate as traders will be watching this week's US economic data closely, particularly the bellwether non-farm payrolls report on Friday, for the clues on whether or not the Fed will move before the end of the year," he told Bernama.

 At the close, spot month November 2015 and December 2015 fell 10 ticks each to RM157.60 and RM158.20 a gramme, respectively, while January 2016 and February 2016 were 24 ticks lower each at RM158 and RM158.50 a gramme, respectively.

 Volume rose to 21 lots worth RM330,000 from 20 lots worth RM320,000 on Monday, while open interest decreased to 733 contracts from 740 contracts

 At 5 pm, the physical gold price was RM1.17 lower at RM151.05 a gramme.

Source: Bernama