KUALA LUMPUR: Gold futures contract on Bursa Malaysia Derivatives closed higher yesterday, with one lot worth RM77,564 traded.
Phillip Capital Sdn Bhd dealer Chong Yong Lin said Comex gold edged lower from a nine-month peak in the previous session as the US dollar steadied and investors squared positions ahead of US economic growth figures.
The US Commerce Department is expected to unveil its initial advance fourth-quarter gross domestic product estimates today, which could set the tone for the Federal Reserve (Fed) policy meeting next week.
“Traders expect the Fed to scale back its rate hike pace further after slowing its policy tightening spree to 50 basis points (bps) last month after four straight 75 bps hikes.
“Fears around possible recession were also offering support to gold,” Chong told Bernama.
At the close, Bursa Malaysia’s gold futures contract for the spot month of January 2023 eased to US$1,930.20 (RM8,263.82) per troy ounce, while February 2023 stood at US$1,936.90 (RM8,292.5) per troy ounce and March 2023 stood at US$1,952.90 (RM8,361) per troy ounce.
The April 2023, June 2023 and August 2023 contracts all settled at US$1,962 (RM8,400) per troy ounce.
Volume stood at one lot while open interest registered six contracts. — Bernama