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Gold Futures Contracts To Trade Higher Next Week
Last update: 12/08/2017

By Sharifah Pirdaus Syed Ali

KUALA LUMPUR, Aug 12†(Bernama) -- Gold futures contracts on Bursa Malaysia Derivatives are expected to trade higher next week, tracking the performance of the US Commodity Exchange's (Comex) gold futures amid rising geopolitical tensions†between the US and North Korea.

Phillip Futures Sdn Bhd Dealer,†Chang Hui Ying†said for†the week ahead, Bursa Malaysia gold was†expected to continue trading higher†until the geopolitical tensions†eased.

"Bursa gold would†also track the direction of the Comex gold by looking at the US inflation data to be released Friday night (yesterday) mainly to verify the health of the US economy and as market catalyst to chart the market direction," she told Bernama.

Meanwhile,†Hong Leong Research said geopolitical concerns were on market radar as the US President Donald Trump's 'fire and fury' threat towards North Korea were retaliated by a so-called plan to strike Guam with missiles by the middle of the month.

These concerns were†likely to dominate market interests as significant domestic policy changes in major economies now seem†unlikely, it said.

"Overall, there was a flight to safe-haven (assets) in most markets as participants took money off the table and readjusted their portfolios while†keeping a close eye on developments.

"Crude oil and gold gained as hedges against a war scenario took over, giving these commodities decent gains amid†a low volatility environment," it added.

For the week just-ended, the gold market traded mostly higher, mainly tracking the performance of the Comex gold market.

On a Friday-to-Friday basis, August 2017, September 2017 and October 2017 and November 2017 advanced 46†ticks each to RM176.60,†RM176.70, RM176.20 and†RM176.40†a gramme, respectively.

Weekly turnover increased†to 58†lots worth RM1.02 million†from 27†lots worth RM470,450 †in the previous week.

Open interest rose†to 215†contracts from 180†contracts previously.



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MON, DEC 11, 2017
US 4.0850/0880
S'pore 3.0188/0230
100 Yen 3.5941/5976
Sterling 5.4694/4746
Euro 4.8089/8128
Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?

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