By Zufazlin Baharuddin
KUALA LUMPUR, June 22 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives is likely to trade lower next week, with gold prices expected to retrace around US$2,350 per troy ounce next week.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the precious metal is expected to retreat after a series of bullish performances recently.
“Further upside looks limited and it would depend on the 10-year United States (US) Treasury yields performance given its inverse relationship with gold prices,” he told Bernama.
On a Friday-to-Friday basis, the June 2024 contract increased to US$2,367.30 per troy ounce from US$2,322.40 per troy ounce last week, and July 2024 strengthened to US$2,374.10 per troy ounce from US$2,329.20 per troy ounce previously.
The August 2024, September 2024, October 2024, and December 2024 contracts all settled higher at US$2,390.10 per troy ounce from US$2,344.80 per troy ounce last Friday.
The volume of gold futures in the local market slid to 64 lots from 78 lots in the previous week, while open interest added to 40 contracts against 25 contracts a week earlier.
The price of physical gold stood at US$2,351.60 per troy ounce, according to the London Bullion Market Association’s afternoon fix on June 20.
-- BERNAMA
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