By Niam Seet Wei

KUALA LUMPUR, Oct 20 (Bernama) -- Gold futures contract on Bursa Malaysia Derivatives is likely to trend slightly higher at between RM163.00 and RM165.00 a gramme next week, backed by the uncertainties in the global economy.

Phillip Futures Sdn Bhd Dealer Tee Guy Eon said the uncertainties, mainly due to external factors such as the US- China trade war fears and the wobbly global stock markets, were likely to lend support to the local gold market. 

"The local precious metal will also borrow strength from its US counterpart, the New York Commodity Exchange's gold market," he told Bernama.

On a Friday-to-Friday basis, spot month October 2018 rose 26 ticks to RM164.0 a gramme, November 2018 added 32 ticks to RM164.30 a gramme, December 2018 gained 34 ticks to RM164.70 a gramme and January 2018 was 35 ticks higher at RM164.80 a gramme.

Weekly turnover jumped to 25 lots worth RM412,630 from eight lots worth RM130,270 previously.

Open interest went up to 34 contracts from 32 contracts. 

-- BERNAMA