GOLD FUTURES CONTRACTS ON BURSA MALAYSIA DERIVATIVES TO REMAIN BULLISH NEXT WEEK

KUALA LUMPUR, Aug 10 (Bernama) -- Gold futures contracts on Bursa Malaysia Derivatives are expected to remain bullish next week, taking the cue from the US-China trade tensions. FXTM market analyst Han Tan said gold is garnering more and more suitors as investors have scarce viable alternatives in a global landscape that is plagued by risk aversion. “Although some segments of the market will test every opportunity to wade further out into risk-on territory, the long shadow cast by the ongoing US-China conflict should ensure that gold can hang on to most of its 2019 gains, with the US$1,450 level serving as the stronger support level below US$1,500 an ounce,” he told Bernama. On the home front, a close above RM199.40 per gramme is needed for the gold next upswing, he said. For the week just ended, Bursa Malaysia gold futures were traded mostly lower on continued profit-taking. On a Friday-to-Friday basis, spot month August 2019 rose 138 ticks to RM197.50 per gramme, September 2019 and October 2019 advanced 50 ticks to RM193.10 and RM194.10 per gramme, respectively, while November 2019 jumped 30 ticks to RM194.55 per gramme. Weekly turnover registered 38 lots worth RM757,970 versus 37 lots worth RM701,650 in the previous week, while open interest widened to 118 contracts from 112 contracts previously. The market will be closed on Monday in lieu of the Eid al-Adha celebration which falls on Sunday. -- BERNAMA