By Siti Noor Afera Abu
KUALA LUMPUR, July 27 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives is expected to trade higher next week, aligned with the movement of COMEX gold prices.
OANDA senior market analyst Kelvin Wong told Bernama that there is a direct correlation between gold prices and whether Donald Trump wins the US presidential election.
He attributed the correlation to Trump’s fiscal policies, particularly his significant corporate tax cuts, which are part of his economic agenda known as “Trumponomics”.
“Hence, that is a positive for gold, acting as a hedge in times of fiscal dominance that may lead market participants to question the credit standing and solvency of the United States government,” Wong said.
On a Friday-to-Friday basis, the July 2024 contract was unchanged and stood at US$2,372.40 per troy ounce.
Contracts for August 2024, September 2024, October 2024, December 2024 and February 2025 all settled at US$2,385.80 per troy ounce from US$2,434.10 per troy ounce previously.
Volume rose to 110 lots from 107 lots last week, while open interest increased to 53 contracts from 36 contracts.
The price of physical gold stood at US$2,364.20 per troy ounce, according to the London Bullion Market Association’s afternoon fix on July 25.
-- BERNAMA
BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.
Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial
