The gold futures contract on Bursa Malaysia Derivatives closed untraded for a third straight day on Wednesday although the sentiment surrounding the precious metal improved in the global market.
Phillip Futures Sdn Bhd dealer Stephen Lou Yoke Lim said unlike the performance of the local market, the US COMEX gold futures rose on expectations of a new round of US fiscal support for the economy.
“Gold is expected to trade in range-bound as investors are closely monitoring the US Federal Reserve policy decision, which ought to keep interest rates near zero,” he added.
At the close, gold futures on Bursa Malaysia for contract month December 2020, January 2021, February 2021, and March 2021 were all unchanged at RM262.20, RM250.30, RM232.0 and RM232.0 per gramme, respectively.
Volume was nil, while open interest remained at 23 contracts.
At 5 pm today, the price of physical gold jumped RM1.74 to RM234.40 from RM232.66 per gramme yesterday.
By: Harizah Hanim Mohamed (Bernama).
Image: Stock Master, India.
Review: FM.