KUALA LUMPUR, Dec 12 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives closed higher today driven by optimism over potential Federal Reserve rate cuts following last night's US inflation data release.
The November US Consumer Price Index (CPI) expanded 2.7 per cent, higher than the 2.6 per cent the preceding month. Core CPI held steady at 3.3 per cent for the third consecutive month, from 3.2 per cent in August, suggesting that the inflation rate remained sticky.
The spot-month December 2024 contract was higher at US$2,720.80 per troy ounce from US$2,696.50 per troy ounce on Wednesday, while January 2025 rose to US$2,733.90 per troy ounce from US$2,707.40 per troy ounce previously.
Meanwhile, February 2025, March 2025, and April 2025 contracts settled higher at US$2,746.50 per troy ounce against US$2,720.10 yesterday.
Trading volume rose to 104 lots from 59 lots on Wednesday while open interest climbed to 121 contracts from 76 contracts previously.
According to the London Bullion Market Association’s afternoon fix on Dec 11, the price of physical gold stood at US$2,705.45 per troy ounce.
-- BERNAMA
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