KUALA LUMPUR: The gold futures contract on Bursa Malaysia Derivatives ended higher today tracking the increase in the US COMEX gold market on heightened concerns over global economic slowdown as the 2019 novel coronavirus outbreak worsens worldwide.
Phillip Futures Sdn Bhd trader David Lee Kuan Yong said this had pushed investors to shift to gold which is dubbed as a safe haven.
“This is because the coronavirus outbreak has put many countries on high alert while analysts have warned of an adverse impact on the economy,” he added.
Earlier today, the World Health Organisation declared the coronavirus outbreak as a global health emergency as ther death count surpassed 200.
On the local market, spot month January 2020 was 21 ticks higher at RM208.05 per gramme while February 2020, March 2020 and April 2020 all closed four ticks higher at RM207.20, RM207.30, RM208.20 per gramme respectively.
Volume was two lots worth RM41,525 compared with two lots worth RM40,890 yesterday.
Open interest declined one contract to 136 contracts from 137 contracts yesterday.
As of 5 pm, the price of physical gold declined 15 sen to RM200.87 per gramme. – Jan 31, 2020, Bernama
