Gold futures end slightly higher

November 14, 2019

KUALA LUMPUR-Malaysia (Nov 14)  Gold futures contract on Bursa Malaysia Derivatives settled slightly higher today amid a weaker-than-expected Chinese data and doubts on a possible Beijing-Washington trade deal anytime soon

 Phillip Futures Sdn Bhd dealer David Lee Kuan Yong said the gold futures must break above the RM200-a gramme resistance level in order to see a sustained rally.

 "Otherwise, prices will likely go down towards the RM194.00 or RM190.00 support levels," he added.

 Chinese retail sales in China expanded 7.2 per cent in October compared with a year ago, below the expected growth of 7.9 per cent, while Chinese industrial production data for October missed estimation, with output growing 4.7 per cent year-on-year.

 At the close, November 2019, December 2019 and January 2020 remained unchanged at RM196.20 a gramme, RM196.20 a gramme and RM196.40 a gramme, respectively.

 Meanwhile, February 2020, April 2020 and June 2020 increased two ticks each to and RM196.60 a gramme, RM200.30 a gramme and RM200.40 a gramme, respectively.

 Volume remained at one lot worth RM19,620, while open interest was unchanged at 132 contracts.

 At 5 pm, the price of physical gold rose RM1.34 sen to RM190.0 a gramme.


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