Gold futures expected to be well supported next week

KUALA LUMPUR-Malaysia (Nov 2)  Gold futures contract on Bursa Malaysia Derivatives is likely to be well supported next week as demand for the precious metal will sustain in the near term, said a dealer.

 Phillip Futures Sdn Bhd dealer Leo Goh Boon Hao said renewed concerns about the US-China trade deal and a weaker greenback stoked demand for the yellow metal.

 On a Friday-to-Friday basis, new spot month November 2019 jumped 24 ticks to RM203.0 a gramme, December 2019 increased 22 ticks to RM203.0 a gramme, January 2020 went up 16 ticks to RM203.10 a gramme and February 2020 was 8.0 ticks higher at RM203.20 a gramme.

 Weekly turnover increased to 32 lots worth RM688,230 from the previous week’s 18 lots worth RM363,320.

 Open interest decreased to 125 contracts from 160 contracts previously.

BernamaNews