Photo: Sven Hoppe/dpa
By Rosemarie Khoo Mohd Sani
KUALA LUMPUR, Feb 27 -- The gold futures market on Bursa Malaysia Derivatives is expected to trade on a downside bias next week, following a surge in bond yields, particularly in the United States.
Phillip Futures Sdn Bhd dealer Carmen Yoon Kar Min told Bernama that the higher bond yields is likely to continue surging and make gold less attractive.
Meanwhile, OANDA Asia Pacific senior market analyst Jeffrey Halley said gold is struggling to hold its current position of US$1,800 (US$1=RM4.045) an ounce as the US bond market pushes higher.
"Gold's next performance would depend on US and China's economic data to survive at present levels.
"Given the inflation-panic bond-mania sweeping global markets, I do not hold out much hope for its chances," he said.
On Friday-to-Friday basis, gold futures on Bursa Malaysia for February 2021 gained 36 ticks to RM229.80 a gramme, while March 2021, April 2021, and May 2021 all gained 80 ticks to RM232.00 a gramme.
Weekly turnover was at one lot against nil last week, while open interest remained at 13 contracts.
Meanwhile, the price of physical gold dropped RM6.63 to RM222.35 a gramme on Friday from RM228.98 a gramme last Friday.
-- BERNAMA