KUALA LUMPUR, Jan 3 — Gold futures contracts on Bursa Malaysia Derivatives are expected to be on an uptrend next week on better buying support. Investor appetite are seen to be inclined towards the safe haven favourite gold as concerns over the global economy increase.
RHB Research said it remained bullish on the gold futures market's near-term outlook. "Despite the commodity's lower close last week, it failed to break below the US$1,172.40 (RM4,137.75) support level and this signals that market sentiment has not turned bearish yet," it said in a note.
Meanwhile, Phillip Futures Sdn Bhd dealer Lim Eng Wee told Bernama he expected gold to extend its bearish trend on strengthening in the US dollar and pick up in the US economic growth. On a Friday-to-Friday basis, January 2015 declined five ticks to RM134.40 a gramme while February 2015 rose 15 ticks to RM134.70 a gramme, March 2015 and April 2015 was up 35 ticks each to RM135.10 a gramme and RM135.50 a gramme, respectively.
Volume decreased to 230 lots worth RM3.1 million from 4,736 lots valued at RM63.71 million recorded last week. Open interest yesterday stood at 3,016 contracts compared with last week's 3,823 contracts. — Bernama
