By Nurunnasihah Ahmad Rashid

KUALA LUMPUR, Nov 21 -- Gold futures contract on Bursa Malaysia Derivatives rebounded to close higher today as the weakening of the ringgit boosted demand for the precious metal, said a dealer.

Phillip Futures Sdn Bhd dealer Tan Kien Kiong said the steadier Bursa gold performance, however, was in contrast with the US COMEX gold futures market, which was weaker following a news report that China had invited US negotiators for a new round of face-to-face talks and both parties were seeking to reach an initial trade agreement.

 “Gold is likely to continue to trade cautiously as any new development in the trade talks will relatively link to the gold prices’ movement; either investors will switch their risk appetite to safe-haven assets or continue to invest in the equities market,” he said.

At the close, November 2019 rose 14 ticks to RM198.00 a gramme, while December 2019, January 2020 and February 2020 were five ticks higher at RM197.55, RM198.40 and RM198.60 a gramme, respectively.

Volume rose to 17 lots worth RM343,345 against yesterday’s three lots worth RM59,190, while open interest also increased to 150 contracts from 136 contracts.

At 5 pm, the price of physical gold gained 40 sen to RM191.63 a gramme.

-- BERNAMA