Gold futures end untraded for third straight day

Phillip Futures Sdn Bhd dealer Lee Pei Wan said today’s firmer ringgit had resulted in a higher price for the precious metal on the local front. — Reuters pic
Phillip Futures Sdn Bhd dealer Lee Pei Wan said today’s firmer ringgit had resulted in a higher price for the precious metal on the local front. — Reuters pic

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KUALA LUMPUR, Dec 30 — The gold futures contract on Bursa Malaysia Derivatives ended untraded for the third consecutive day today on lack of demand due to a firmer ringgit against the US dollar, said a dealer.

Phillip Futures Sdn Bhd dealer Lee Pei Wan said today’s firmer ringgit had resulted in a higher price for the precious metal on the local front, as it made the ringgit-denominated gold more expensive to international buyers.

“The bullion is the safe-haven asset to hedge against the currency debasement while the coronavirus cases continue to soar globally,” he told Bernama.

At the close, gold futures on Bursa Malaysia for contract months December 2020, January 2021, February 2021, and March 2021 were all unchanged at RM247.50, RM235.60, RM233.60 and RM233.60 per gramme, respectively.

Volume remained nil, while open interest stood at 24 contracts.

At 5 pm today, the price of physical gold was down 95 sen to RM235.55 from RM236.50 per gramme yesterday. — Bernama

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