Gold Futures Likely To Trend Lower Next Week

Kuala Lumpur-Malaysia (Feb 6)  Gold futures contract on Bursa Malaysia Derivatives is likely to trend lower next week on lack of market moving news, said a dealer.

 Phillip Futures Sdn Bhd dealer Leo Goh Boon Hao said it would most likely remain quiet due to the absence of China, the world's second largest gold consumer, because of the Chinese New Year celebrations.

 The local bourse will be closed on Feb 8 and Feb 9 and trading will resume on Wednesday.

 He said the gold market would also be influenced by the ringgit's movement next week.

 Meanwhile, on a Friday-to-Friday basis, February 2016 added 114 ticks to RM154.00 a gramme, March 2016 rose 115 ticks to RM154.15 a gramme, April 2016 was up 109 ticks to RM154.40 and May 2016 stood at RM154.55 a gramme.

 Weekly turnover totalled 100 lots, worth RM1.5 million, from 262 lots, worth RM3.92 million, traded last Friday.

 Open interest on Friday fell to 1,461 contracts from 1,654 contracts previously.

 The market was closed on Monday for the Kuala Lumpur Federal Territory Day holiday.

Source: Bernama