KUALA LUMPUR – The gold futures market on Bursa Malaysia Derivatives is expected to trade lower in a tight range, taking the cue from the US COMEX gold futures, dealers said.
A dealer said the US COMEX gold turned lower on Thursday, for the first time in the last five days as markets turned risk-averse even as Asian majors are on a holiday.
He said moving forward traders will have to search for fresh risks, while analysing the US dollar moves, for market direction.
Phillip Futures Sdn Bhd dealer Tan Jenn Yuan said the COMEX gold edged lower on Thursday on the back of the US dollar recovery and the softer than expected US inflation data.
“For next week, the absence of major Asian traders for Lunar Year holidays can extend the recent consolidation of gains,” he told Bernama.
“Bursa Malaysia gold is also likely to trade lower, tracking the COMEX gold amid the anticipation of economic recovery on the partial lifting of the movement control order.”
On a Thursday-to-Friday basis, gold futures on Bursa Malaysia for February 2021, March 2021, April 2021, and May 2021 were all unchanged at RM235.00 a gramme.
Weekly turnover was nil, while open interest remained at 13 contracts.
Meanwhile, the price of physical gold closed RM2.26 higher at RM230.64 a gramme on Thursday from RM228.38 a gramme the previous Friday. – Bernama, February 13, 2021
