Gold Futures To Trade Slightly Lower Next Week

Kuala Lampur (Apr 16)  Gold futures contracts on Bursa Malaysia Derivatives are likely to trade slightly lower next week with the ringgit expected to continue its upward momentum.

 A dealer said the strengthening of the ringgit due to a rally in global oil prices had added pressure on gold.

 "With the equities market set to remain strong and oil prices continuing to edge higher, gold is likely to face continuing pressure," he said.

 He said the Bursa Malaysia's gold futures market would also track the performance of the New York Commodity Exchange's (COMEX) gold market, the price setter for the precious metal.

 On a Friday-to-Friday basis, April 2016 loss 10 ticks to RM154.50 a gramme and July 2016 slipped 17 ticks to RM155 a gramme, while May 2016 increased three ticks to RM155.30 a gramme and June 2016 added seven ticks to RM155.65 a gramme.

 Weekly turnover rose to 151 lots worth RM2.28 million from 99 lots valued at RM1.46 million last week.

 Open interest on Friday widened to 566 contracts from 553 contracts previously.

SOURCE: BERNAMA