Gold Futures Contracts End At Three-week Low
Kuala Lumpur-Malaysia (Nov 4) Gold futures contracts on Bursa Malaysia Derivatives continued their downtrend to close at a three-week low today due to a rebound in the ringgit against the US dollar.
Phillip Futures Sdn Bhd dealer Chua Zheng Liang said on the COMEX gold market, gold steadied near a one-month low on Wednesday as the previous day's slide tempted some price-sensitive buyers back to the market.
"However, it remained under pressure from a rising dollar and talk of a near-term hike in the US interest rates," he told Bernama.
He said the gold market is expected to continue trading in consolidation as traders would be watching this week's US economic data closely, particularly the bellwether non-farm payrolls report on Friday, for clues on whether the Federal Reserve would move before year-end.
At the close, spot month November 2015 shed 78 ticks to RM153.80 a gramme, December 2015 fell 84 ticks to RM154.40 a gramme, February 2016 were 80 ticks lower at RM154.70 a gramme, while April 2016 declined 74 ticks to RM155.90 a gramme.
Volume rose to 37 lots worth RM570,000 from 21 lots worth RM330,000 on Tuesday, while open interest increased to 756 contracts from 733 contracts.
At 5 pm, the physical gold price was RM2.87 lower at RM148.18 a gramme.