Gold futures expected to continue downtrend next week
Last update: 09/11/2019
KUALA LUMPUR, Nov 9 -- Gold futures contract on Bursa Malaysia Derivatives is likely to continue its downtrend next week as demand for the precious metal is expected to weaken further, said a dealer.
He said the positive development on the US-China trade deal and the recovery of the greenback would likely dampen the demand for gold.
On a Friday-to-Friday basis, spot month November 2019 declined 138 ticks to RM196.10 a gramme, December 2019 fell 126 ticks to RM196.70 a gramme, while January 2020 and February 2020 went down 80 ticks each to RM199.10 and RM199.20 a gramme, respectively.
Weekly turnover decreased to 16 lots worth RM321,930 from the previous week’s 32 lots worth RM688,230.
Open interest increased to 130 contracts from 125 contracts previously.