KUALA LUMPUR, Oct 2 (Bernama) -- Gold futures on Bursa Malaysia Derivatives continued their upward trend on Wednesday, driven by increasing geopolitical risks in the Middle East that heightened investor interest.
Nevertheless, a strong US dollar and expectations of a smaller Federal Reserve (Fed) rate cut limited gains.
Fed chair Jerome Powell stated that the September half-percentage-point interest rate cut should not be seen as an indication of similarly aggressive future moves.
He suggested that, if economic data remains steady, two additional rate cuts may occur this year, but likely in a quarter percentage point each.
At home, the new spot month October 2024 gold futures contract rose to US$2,667.50 per troy ounce from US$2,660.70 on Tuesday.
Meanwhile, the November 2024, December 2024, January 2025 and February 2025 contracts all settled higher at US$2,688.80 per troy ounce, compared with US$2,681.80 yesterday.
Trading volume increased to 14 lots from nine lots, while open interest widened to 46 contracts from 24 contracts previously.
According to the London Bullion Market Association’s afternoon fix on October 1, the price of physical stood at US$2,667.955 per troy ounce.
-- BERNAMA
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