Gold Futures Contracts End Higher

New York (Feb 10)   Gold futures contracts on Bursa Malaysia Derivatives closed higher Wednesday, going against the US Commodity Exchange's (COMEX) gold futures movement.

 Phillip Futures Sdn Bhd dealer Chu Ching Yong said it closed higher as investors were looking ahead to a testimonial from Federal Reserve chair Janet Yellen for further clarification on futures interest rate hike.

 "Apart from that, the US dollar strengthened today, turning gold at the local futures attractively cheaper.

 "Tomorrow, the price may close positive if the Federal Reserve hints there would not be any incoming interest rate hike in the near future," he told Bernama.

 At the close, spot month February 2016, March 2016, April 2016 and May 2016 gained 50 ticks each to RM156.50, RM156.65, RM156.90 and RM157.05 a gramme, respectively.

 Volume increased to 51 lots worth RM0.79 million from 45 lots worth RM0.69 million on Friday, while open interest trimmed to 1,441 contracts from 1,461 contracts previously.

 At 5 pm, the physical gold price went up RM2.21 to RM151.93 per gramme from RM149.72 per gramme on Friday.

Source: Bernama