Gold Futures End Higher
Kuala Lumpur (Dec 4) Gold futures contracts on Bursa Malaysia Derivatives closed firmer for the fourth consecutive day today, tracking overnight gains on the US Commodity Exchange's (COMEX) gold futures.
Phillip Futures Sdn Bhd dealer, Lim Eng Wee, said the COMEX jumped in tandem with the rebound in crude oil prices after Energy Information Administration reported a fall of 3.7 million barrels in US crude inventories last week versus analysts' expectation of a rise of 1.3 million barrels.
However, he said, gold prices remained under pressure as the US dollar was traded near a five-year high before a European Central Bank meeting that may give indications on further stimulus.
At the close, spot month December 2014 added 26 ticks to RM134.30 a gramme.
January 2015 rose 23 ticks each to RM134.55 a gramme, April 2015 gained 12 ticks to RM135.60 a gramme, while October 2015 garnered 15 ticks to RM137.75 a gramme.
Open interests fell to 1,787 contracts from yesterday's 2,047 contracts and turnover shrank to 46 lots worth RM620,000 from 178 lots worth RM2.38 million previously.
Meanwhile, the physical price of gold at 5 pm was 11 sen higher at RM129.13 a gramme from RM129.02 a gramme on Wednesday.