Gold Prices Are Likely To Be Bearish Next Week

Kuala Lumpur-Malaysia (May 31)  The gold futures contracts on Bursa Malaysia Derivatives is expected to see bearish movement next week with traders hoping in turn for higher prices.

 Phillip Futures Sdn Bhd dealer Ong Su Ling said a stronger US dollar will continue to harm the gold price.

 She said some significant US data to be released next week includes that for manufacturing, factory orders, employment change, trade balance and a change in the non-farm payrolls data is likely to affect the gold market.

 "Traders will also keep an eye on the progress of Greece's long-running debt talks," Lim told Bernama.

 The local market traded mostly higher for the week just ended.

 On a Friday-to-Friday basis, May 2015 rose 12 ticks to RM140.35 a gramme, June 2015 and July 2015 added six ticks each to RM140.40 and RM140.80 a gramme respectively, while August 2015 increased nine ticks to RM141.30 a gramme.

 Volume for the week fell to 222 lots worth RM3.1 million from 402 lots worth RM5.69 million previously.

 Open interest was lower at 2,235 contracts from 3,193 contracts last Friday.

 On the physical front, the gold price was higher at RM135.68 per gramme from RM135.12 per gramme last week.