GOLD FUTURES ON BURSA MALAYSIA LIKELY TO SEE THIN TRADING AMID CHRISTMAS HOLIDAYS NEXT WEEK

By Abdul Hamid A Rahman

KUALA LUMPUR, Dec 21 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives is expected to be thinly traded during the upcoming Christmas holiday week, with prices projected to range between US$2,585 and US$2,635 amid cautious market sentiment and subdued year-end activity.

SPI Asset Management managing partner Stephen Innes said gold remained under pressure due to a stronger US dollar and rising US yields, with support from geopolitical uncertainties showing signs of weakening.

“However, the speculative momentum needed to push prices significantly higher appears to be fading as the year draws to a close.

“Nevertheless, gold’s fundamental demand remains robust, driven by purchases from many central banks, including those in emerging markets such as China, India, and Turkey, alongside steady retail interest in Asia,” he told Bernama.

On a Friday-to-Friday basis, the spot-month December 2024 contract ended the week receded at US$2,607.00 per troy ounce from US$2,678.30 per troy ounce last week, and the January 2025 contract went down to US$2,620.10 per troy ounce from US$2,691.40.

The February 2025, March 2025, and April 2025 notes also settled lower at US$2,630.30 per troy ounce from US$2,701.50 per troy ounce last week.

Volume fell to 144 lots from 210 lots last week, while open interest dropped to 24 contracts from 63 contracts previously.

According to the London Bullion Market Association’s afternoon fix on Dec 19, the price of physical gold stood at US$2,592.45 per troy ounce.

-- BERNAMA