Stronger US Dollar to derail gold futures prices next week

Singapore (Aug 11)   Gold futures contract on Bursa Malaysia Derivatives is expected to trade lower next week in tandem with the New York Commodity Exchange’s (Comex) gold market as the US dollar is likely to continue strengthening.

 Phillip Futures Sdn Bhd Derivative Dealer Lee Pei Wan said the continued strengthening of the greenback would make gold bullion more expensive for holders of other currencies.

“Not many people will be interested to buy gold if the US dollar continues to strengthen,” she told Bernama.

 For the week just-ended, gold futures recorded its fifth consecutive weekly fall, tracking the Comex, derailed by the stronger US dollar.

 Gold futures were untraded for three of the five trading days on lack of trading interest due to the stronger greenback.....

Bernama.com