ID :
513516
Sat, 11/24/2018 - 06:01
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Shortlink :
https://oananews.org//node/513516
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Gold Futures To Trade Cautiously Next Week
KUALA LUMPUR, Nov 24 (Bernama) -- Gold futures contract on Bursa Malaysia Derivatives is expected to trade cautiously with an upside bias, a dealer said.
Phillip Futures Sdn Bhd Dealer Chang Hui Ying said investors would be eyeing the outcome of the Group of 20 (G20) Summit next week.
“Investors are hoping for a possible positive outcome from the G20 Summit next week, where leaders of the US and China are expected to discuss their trade dispute,” she said, adding that the ringgit performance would also influence the trading in the precious metal.
For the week just ended, gold futures prices on Bursa Malaysia were mostly higher during the holiday-shortened week, lifted by the improved gold futures prices on the US Commodity Exchange (Comex) and a weaker ringgit.
The market was closed on Tuesday for Prophet Muhammad’s birthday celebration.
On a Friday-to-Friday basis, November 2018, December 2018, January 2019 and February 2019 rose 36 ticks each to RM165.30 a gramme, RM165.30 a gramme, RM165.40 and RM165.50 a gramme respectively.
Weekly turnover rose to 11 lots worth RM181,350 from five lots worth RM81,340 in the previous week, while open interest went up to 31 contracts versus 28 contracts.
-- BERNAMA