Phillip Futures Sdn Bhd trader David Lee Kuan Yong said Bursa gold is likely to trend higher with upside resistance at RM220 and RM225.
“Based on the trend shown on COMEX gold, the demand for gold globally has increased as market uncertainty has calmed slightly.
“The panic on the worsening Covid-19 pandemic worldwide has caused investors to shift to currency- based assets,” he said.
On a Friday-to-Friday basis, for the week just ended, spot month March 2020 and April 2020 both declined 156 ticks each to RM211.00 a gramme, while May 2020 and June 2020 trimmed 130 ticks each to RM212.10 a gramme and RM212.20 a gramme, respectively.
Weekly turnover was 11 lots worth RM231,340 compared with 12 lots worth RM265,130 in the previous week, while open interest slipped to 126 contracts from 135 contracts previously. – March 21, 2020, Bernama
