Gold futures to trade in consolidation corrective mode next week

KUALA LUMPUR-Malaysia (Sept 7) - Gold futures contracts on Bursa Malaysia Derivatives are expected to trade in consolidation mode next week due to the lack of fresh leads in the market, a dealer said.

 Phillip Futures Sdn Bhd dealer Ong Su Ling said the gold price will likely remain in a downtrend on technical correction, while investors will continue to monitor developments in China-US talks and US jobs figures.

“The market players will wait for major news especially from the US side to decide on the direction for gold prices,” she said.

 The Bursa Malaysia gold exchange market will be closed on Monday to mark the birthday of the Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah. Trading resumes on Tuesday.

 On a Friday-to-Friday basis, spot month September 2019 rose 22 ticks to RM207.3 per gramme while November 2019 and December 2019 improved 14 ticks each to RM207.4 and RM207.70 per gramme respectively, while October 2019 declined 12 ticks to RM208.00 per gramme.

 Weekly turnover remained nil, similar to last Friday’s closing, while open interest declined to 114 contracts from 125 contracts previously.

 -- BERNAMAnews