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Gold futures expected to trade flat next week
Last update: 17/10/2020

By Azlee Nor Mahmud

KUALA LUMPUR, Oct 17 -- Gold futures contract on Bursa Malaysia Derivatives will likely trade flat next week in the absence of catalysts, a dealer said.

Phillip Futures Sdn Bhd dealer Tan Jenn Yuan said Bursa Malaysia gold was expected be flat amid the lack of any physical stimulus until the US election.

“There is not much catalysts to move the gold market significantly both ways,” she told Bernama today.

The local gold market ended the week untraded for the ninth consecutive day, with the only apparent movement seen in physical gold prices.

On a Friday-to-Friday basis, October 2020, November 2020, December 2020 and January 2021 remained at RM249.00 a gramme, RM247.25 a gramme, RM253.00 a gramme, and RM250.50 a gramme, respectively.

Weekly turnover was nil compared to last Friday’s one lot worth RM25,300, while open interest remained at 24 contracts.

Meanwhile, the price of physical gold was 35 sen lower at RM246.22 per gramme compared with RM246.57 per gramme on Friday last week.

-- BERNAMA


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OPENING, WEDNESDAY, OCT 28
US4.1650/1720
S'pore3.0600/0656
100 Yen3.9853/9931
Sterling5.4262/4357
Euro4.9051/9150
Source: Bank Negara Malaysia

Reduction in the overnight policy rate (OPR) by Bank Negara Malaysia would be good for consumer spending and investment;
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