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Gold futures untraded in early trading
Last update: 13/06/2018

KUALA LUMPUR, June 12 (Bernama) -- Gold futures contract on Bursa Malaysia Derivatives was untraded in early trading for three straight days.

At 9.19 am, June 2018, July 2018, August 2018 and September 2018 stood at RM166.80, RM167.15, RM167.25 and RM167.3 a gramme respectively.

Volume was nil, while open interest amounted to 33 contracts.

OANDA Head of Trading in Asia-Pacific, Stephen Innes, said pre-Federal Open Market Committee (FOMC) jitters entered the picture as markets started to factor in the prospect of a more hawkish decision.

"But, adding to the woes is equity markets and risk in general which remains extremely buoyant on the significant decline in geopolitical angst.

"However, gold usually remains a good buy on dip post-FOMC, provided that in this case, the Federal Reserve does not shift the four-dot plot scenario for 2018 or more importantly do not move 2019 interest rate expectations higher," he said.

Innes further added that traders are more prone to take profit or trim their losses short in the current market environment.

At 9.30 am, the price of physical gold reduced 11 sen to RM160.81 a gramme from RM160.92 a gramme recorded at 5 pm on Tuesday.

-- BERNAMA