KUALA LUMPUR, Jan 21 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives closed higher today despite a minor decline in the United States COMEX gold market.
In a research note today, RHB Investment Bank Bhd said although COMEX experienced mild selling pressure and settled at US$2,748.70 per troy ounce yesterday, the commodity is still trading above both the 20-day and 50-day simple moving average lines.
“Therefore, the bullish technical setup is deemed valid,” it said.
Spot month January 2025’s contract rose to US$2,721.80 per troy ounce from US$2,708.80 per troy ounce on Monday, and February 2025 increased to US$2,730.70 from US$2,717.70 per troy ounce previously.
The March 2025, April 2025, and June 2025 contracts closed higher at US$2,738.80 from US$2,725.80 per troy ounce previously.
Trading volume jumped to 76 lots from 27 on Monday, while open interest advanced to 100 contracts from 56 contracts previously.
According to the London Bullion Market Association’s afternoon fix on Jan 20, the physical gold price stood at US$2,707.70 per troy ounce.
-- BERNAMA
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