KUALA LUMPUR, July 11 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives closed higher as market participants saw interest-rate cuts in the United States coming down the track.
Gold usually performs better when interest rates are expected to fall, since lower interest rates increase the asset’s attractiveness to investors by reducing the opportunity cost of holding it, a news report explained.
At the close, the spot month July 2024 contract increased to US$2,390.00 per troy ounce from US$2,373.60 per troy ounce on Wednesday.
Meanwhile August 2024, September 2024, October 2024, December 2024 and February 2025 fell to US$2,406.00 per troy ounce from US$2,389.60 per troy ounce previously.
Volume dropped to four lots from nine lots on Wednesday, while open interest slipped to 13 contracts from 15 contracts previously.
The price of physical gold was at US$2,384.35 per troy ounce, according to the London Bullion Market Association’s afternoon fix on July 10.
-- BERNAMA
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