KUALA LUMPUR, The gold futures contract on Bursa Malaysia Derivatives closed stronger on Wednesday with 20 lots traded, valued at RM1.53 million.
Phillip Capital Sdn Bhd dealer Jenn Yuan said COMEX gold also reversed course to trade higher as the US dollar pulled back from session highs with expectations of a slower pace of the United States Federal Reserve rate hikes supporting prices above the US$1,900 threshold.
“However, due to the lack of investment demand, we may see gold prices on a rather soft footing, and a pick-up in investment demand will be crucial to the future trajectory of gold,” he told Bernama.
He also said that investors are now looking towards the US producer price index and retail sales data due later in the day.
At the close, Bursa Malaysia’s gold futures contract for the spot month of January 2023 rose to US$1,913.0 per troy ounce, while February 2023 climbed to US$1,919.80 per troy ounce.
The March 2023 note stood at US$1,935.80 per troy ounce, while April 2023, June 2023 and August 2023 all settled at US$1,944.90 per troy ounce.
Volume stood at 20 lots while open interest registered 26 contracts.
The price of physical gold stood at US$1,913.80 per troy ounce as published by LBMA PM Fix on Jan 17, 2022.
Source: BERNAMA News Agency