malaysiangKUALA LUMPUR, The gold futures contract on Bursa Malaysia Derivatives closed easier tonight with 17 lots traded, valued at RM1.3 million.
Phillip Capital Sdn Bhd dealer Jenn Yuan said COMEX gold fell for a second session as the US dollar ticked up while investors were still seeking direction on the US Federal Reserve’s (Fed) rate hike path.
“In the near term, the likely further rate increases by the Fed remain a headwind for gold, but any indication by the US Federal Open Market Committee (FOMC) officials on a slower rate hike path or an end of the hike cycle have the potential to support prices,” he told Bernama.
He noted that markets are increasingly expecting a smaller 25-basis-point increase after data showed headline US consumer prices fell in December for the first time in two and a half years.
At the close, Bursa Malaysia’s gold futures contract for the spot month of January 2023 contract rose to US$1,910.50 per troy ounce while February 2023 climbed to US$1,917.10 per troy ounce.
The March 2023 note stood at US$1,933.10 per troy ounce, April 2023 settled at US$1,942.20 per troy ounce, June 2023 finished at US$1,942.20 per troy ounce and August 2023 was recorded at US$1,942.20 per troy ounce.
Volume stood at 17 lots while open interest registered at 30 contracts.
The price of physical gold stood at US$1,917.00 per troy ounce as published by LBMA PM Fix on Jan 16, 2022.
Source: BERNAMA News Agency
