KUALA LUMPUR, Feb 22 — Gold futures contract on Bursa Malaysia Derivatives is expected to remain range-bound in the near-term, with prices moving above RM140.95 a gramme next week, on the back of the weakening US dollar.

Phillip Futures Sdn Bhd Dealer Elky Liam Kian Yap said there was not much incentive to spur the market except for the US dollar movements.

“However, we are still biased towards the upside, at the same time, we are cautious on a possible correction.

“We might see gold prices move above RM140.95 per gramme but gains are likely to be limited,” he told Bernama.

For the week just-ended, physical gold closed at RM135.22 a gramme.

On a Friday-to-Friday basis, February 2014 added 17 ticks to RM140 a gramme, March 2014 gained 19 ticks to RM140.30 a gramme while April 2014 advanced 20 ticks to RM140.65 a gramme.

Total volume rose to 1,768 lots, valued at RM24.72 million, against 807 lots, valued at RM34.14 million, traded last week.

Open interest yesterday stood at 1,689 contracts versus 2,536 contracts last Friday. — Bernama