KUALA LUMPUR, June 7 — Gold futures contract on Bursa Malaysia Derivatives will likely trade higher next week amid in anticipation of the weakening US dollar.
A dealer said the greenback-denominated metal would ultimately react inversely to the dollar movements.
“Recent jobless claims data and the weaker-than-expected private sector employment report indicated some softness in the US labour market.
“Market players are also expecting weaker US non-payroll data, whereby consensus forecast is at 213,000 jobs after April’s unexpectedly strong showing of 288,000 jobs,” he added.
On a Friday-to-Friday basis, June 2014, July 2014 and August 2014 fell one tick each to RM129.55, RM129.85 and RM130.25, respectively.
Volume rose to 2,981 lots, worth RM38.7 million, from 2,850 lots, worth RM38 million, recorded last week.
Open interest on Friday stood at 5,554 contracts compared with last week's 4,026 contracts. — Bernama
