KUALA LUMPUR, Aug 10 — The gold futures contract on Bursa Malaysia Derivatives hit a fresh high today, with the benchmark contract for October 2020 delivery ending at RM270.85 a gramme.

Phillip Futures Sdn Bhd dealer Lee Pei Wan said the bullish performance of the local gold futures was in line with the benchmark COMEX gold futures which stayed above US$2,000 per ounce.

"Investors continue to flock to gold, the safe-haven asset, as global economic growth remains uncertain amidst the unresolved COVID-19 pandemic,” she told Bernama.

At the close, spot month August 2020, September 2020, October 2020, and November 2020 surged 119 ticks each to RM272.50, RM270.95, RM270.85 and RM272.20 a gramme, respectively.

Volume was one lot worth RM27,250 compared with nil last Friday, while open interest was slightly higher at 39 contracts versus 38 contracts previously.

At 5pm, the price of physical gold, however, fell RM3.26 to RM265.27 a gramme. — Bernama