KUALA LUMPUR, Jan 31 — Gold futures contracts on Bursa Malaysia Derivatives are likely to remain bearish next week amid concern over the US interest rates hike, said dealers.

Another dealer said the local market would likely remain quiet next week due to the long weekend.

Gold trading on Bursa Malaysia Derivatives will be closed on Monday and Tuesday for the Federal Territory Day (replacement) and Thaipusam holidays.

On a Friday-to-Friday basis, January declined 52 ticks to RM147.40 a gramme and February 2015 was 45 ticks lower at RM148.35 a gramme.

March 2015 and April both fell 47 ticks to RM148.75 a gramme and RM149.20 a gramme, respectively.

Volume for the week eased to 735 lots worth RM10.96 million from 843 lots worth RM16.4 million last week.

Open interest on Friday was lower at 2,938 contracts against last week's 3,399 contracts. — Bernama