Phillip Futures Sdn Bhd dealer Ler Wee Liang said gold futures rose significantly today to close the week higher in tracking the COMEX gold futures’ performance.

Speaking to Bernama today, he said the COMEX gold futures recorded the biggest daily gain since the 2008 financial crisis as Britain’s vote to leave the EU spread political uncertainty and concerns over economic growth.

“The vote’s impact reverberated worldwide, prompting more investors to park their cash in the safety of gold and shun assets that would be weakened by a slowing global economy,” he added.

Gold made its debut on Bursa Malaysia Derivatives on Oct 7, 2013, with only two contract months traded as the market ended the day.

At close, June 2016 surged 152 ticks to RM172.30 a gramme, July 2016 jumped 178 ticks to RM172.90 a gramme, August 2016 chalked up 174 ticks to RM173.20 a gramme, while September 2016 rose 50 ticks to RM173.55 a gramme.

Volume totalled 146 lots valued at RM2.16 million against 42 lots worth RM620,340 yesterday.

Open interest rose to 493 contracts from 403 contracts.

At 5pm, the price of physical gold stood at RM166.51 a gramme, up RM7.87 from RM158.64 a gramme yesterday. — Bernama