THE gold futures contract on Bursa Malaysia Derivatives is likely to trade cautiously next week, tracking the COMEX Gold market and the US dollar’s performance amid Covid-19, a dealer said.
Phillip Futures Sdn Bhd trader Tan Jenn Yuan told Bernama it is still a tug-of-war situation for gold between the virus and the equity market, where the gold futures market could move in range-bound in the near-term.
The global Covid-19 infection has passed one million cases, with the death tool of 53,198 as of Friday.
On a Friday-to-Friday basis for the week just ended, new spot month April 2020 dropped 146 ticks to RM218.70 per gramme, while May 2020 and June 2020 fell 150 ticks each to RM219.00 and RM219.10 a gramme, respectively.
July 2020 was pegged at RM219.15 per gramme.
Weekly turnover totalled three lots worth RM66,670 compared with five lots valued at RM112,660 in the previous week, while open interest eased to 123 contracts from 127 contracts previously. – April 4, 2020, Bernama
