KUALA LUMPUR, July 12 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives ended the week higher in the wake of another tame inflation report from the United States (US) that suggests the US Federal Reserve (Fed) will cut interest rates sooner rather than later.
The US Consumer Price Index (CPI) came in lower than expected at 3.0 per cent compared with consensus estimates of 3.1 per cent.
At the close, spot month July 2024 contract increased to US$2,408.20 per troy ounce from US$2,390.00 per troy ounce on Thursday.
Meanwhile, August 2024, September 2024, October 2024, December 2024 and February 2025 fell to US$2,424.20 per troy ounce from US$2,406.00 per troy ounce previously.
Volume was higher at five lots from four lots on Thursday, while open interest eased to 12 contracts from 13 contracts previously.
The price of physical gold was at US$2,409.20 per troy ounce, according to the London Bullion Market Association’s afternoon fix on July 11.
-- BERNAMA
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