By Nurunnasihah Ahmad Rashid
KUALA LUMPUR, Oct 9 -- The gold futures contract on Bursa Malaysia Derivatives extended yesterday’s gains to end higher on better demand for the precious metal, said a dealer.
Phillip Futures Sdn Bhd dealer Ong Su Lin said gold performance on the local market was positive in tandem with COMEX gold due to uncertainties over US-China trade negotiations and Brexit as well as upcoming minutes from the US Federal Reserve's September meeting.
“Gold prices are likely to remain firmer in the near term,” she said.
At the close, spot month October 2019 and November 2019 rose 26 ticks each to RM203.50 and RM203.70 per gramme respectively, December 2019 gained 30 ticks to RM204.00 per gramme and January 2020 added 46 ticks to RM205.10 per gramme.
Volume fell to two lots worth RM41,260 compared with yesterday’s four lots valued at RM80,880, while open interest eased to 150 contracts from 154 contracts previously.
At 5 pm, the price of physical gold rose RM1.15 to RM196.34 per gramme.