KUALA LUMPUR, Jan 2 (Bernama) -- Gold futures contract on Bursa Malaysia Derivatives ended its first trading day for the year lower as investors stayed on the sidelines on cautious sentiment following the United States (US)-China trade deal, said an analyst.
Phillip Futures Sdn Bhd dealer Stephen Lou Yoke Lim said investors were taking the 'wait and see’ attitude after US President Donald Trump tweeted that the trade agreement would be signed on Jan 15.
However, details of the agreement have yet to be disclosed.
“We think gold is likely to trade higher in the near future on shaky growth, as global stock markets are potentially looking unsustainable at record highs,” Lou told Bernama.
At the close, new spot month January 2020 fell 24 ticks to RM199.30 per gramme, while February 2020, March 2020 and April 2020 declined 28 ticks each to RM200.00, RM200.40 and RM201.50 per gramme, respectively.
Volume was down to two lots worth RM40,000 from three lots valued at RM60,220 on Tuesday, while open interest rose marginally to 138 contracts from 136 contracts.
At 5pm, the price of physical gold declined 90 sen at RM193.10 per gramme from RM194.00 per gramme on Tuesday.
The gold futures market was closed on Wednesday for the new year holiday.
Gold, Bursa Malaysia Derivatives, Phillip Futures, US-China trade, New Year