Gold futures to move with downside bias next week

KUALA LUMPUR-Malaysia (Dec 14) -- Gold futures contract on Bursa Malaysia Derivatives is likely to move with a downside bias next week amid the strengthening ringgit, said a dealer.

 Axi Trader Asia-Pacific market strategist Stephen Innes said the positive external developments would also push down the gold price on Comex as the market is optimistic on the China-US trade talks.

 "The fact remains that there is no actual binding agreement in place between the US and China, and as such, the Federal Reserve could continue to be anchored to a cautious bias," he told Bernama.

 On Thursday, the media reported that the US administration had reached a trade deal with China in principle, pending approval from President Donald Trump.

 Trump had previously planned to impose tariffs on nearly US$160 billion worth of Chinese consumer goods on Sunday.

 On a Friday-to-Friday basis, spot month December 2019 fell 30 ticks to RM196.0, while January 2020, February 2020 and March 2020 decreased 24 ticks each to RM196.3, RM196.9 and RM198.5 respectively.

 Weekly turnover plunged to four lots worth RM78,460 compared with 40 lots worth RM802,020 in the previous week, while open interest rose to 135 from 133 contracts.

BERNAMAnews

Silver Phoenix Twitter                 Silver Phoenix on Facebook