KUALA LUMPUR, Nov 27 (Bernama) -- Gold futures contract on Bursa Malaysia Derivatives ended higher today as investors resorted to the safe-haven asset on the back of the ongoing Sino-United States (US) trade conflict, a dealer said.
Phillip Futures Sdn Bhd dealer Stephen Lou Yoke Lim said other than that, the weaker-than-expected US consumer confidence data, which slipped in November, also lifted bullion investments.
“We expect gold to trade higher in the short term as the decline in the US data suggests that economic growth in the final quarter of 2019 will remain weak, which is positive for the precious metal,” he told Bernama.
At the close, November 2019 and December 2019 remained unchanged at RM196.50 and RM196.70 a gramme, respectively, while both January 2020 and February 2020 settled 11 ticks higher at RM197.35 and RM197.55 a gramme, respectively.
Volume was one lot worth RM20,125 compared to nine lots worth RM180,230 on Tuesday, while open interest decreased to 138 contracts from 145 contracts previously.
At 5 pm, the price of physical gold declined 25 sen to RM189.37 a gramme.