KUALA LUMPUR, March 13 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives ended lower today due to renewed demand for safe-haven currencies, including the US dollar.
Phillip Futures Sdn Bhd trader David Lee Kuan Yong said the local gold futures were bucking price trends in the international gold market. “In contrast, COMEX gold gained 1.0 per cent on Friday, supported as financial markets showed signs of stabilisation after a deep sell-off driven by concerns over COVID-19, but bullion was still set for its worst week in more than three years,” he told Bernama today.
At the close, spot month March 2020 and April 2020 decreased 124 ticks each to RM218.80 and RM218.80 per gramme, respectively, while May 2020 and June 2020 were lower at RM218.60 and RM218.70 per gramme, respectively.
Volume was eight lots worth RM175,080 compared to nil on Thursday, while open interest rose to 135 contracts from 127 contracts yesterday.
At 5 pm, the price of physical gold was RM6.27 lower at RM211.40 a gramme.
TAGS: Gold futures, Phillip Futures, COVID-19, COMEX, Safe-haven assets