KUALA LUMPUR, April 19 — Gold futures contract on Bursa Malaysia Derivatives is expected to trade lower next week on lack of buying support, a dealer said.
Phillip Futures Sdn Bhd dealer Thomas Yew Jia-Jong said gold traders were mostly sidelined awaiting fresh leads before participating actively in the market.
“We expect this bearish sentiment to continue for several weeks, with gold futures prices expected to hover around RM133 per gramme to RM135 per gramme,” he told Bernama.
On a Friday-to-Friday basis, April 2014 fell RM3.65 or 73 ticks to RM134.35 a gramme, May 2014 lost RM3.90 or 78 ticks to RM134.40 a gramme, June 2014 declined RM3.85 or 77 ticks to RM134.70 a gramme and July 2014 eased RM4.15 or 83 ticks to RM134.75 a gramme.
Total volume dwindled to 34 lots worth RM456,403, compared with 4,398 lots valued at RM59.92 million traded last week.
Open interest yesterday stood at 1,494 contracts versus 2,587 contracts previously. — Bernama
