KUALA LUMPUR, Aug 3 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives is expected to trade higher next week, tracking the performance of COMEX gold.
A dealer said the precious metal rallied on the back of weaker United States (US) bond yields, with the 10-year US Treasury yield plummeting to more than a six-month low after a disappointing US July nonfarm payrolls report.
“Lower yields on interest-bearing assets reduce the opportunity cost of holding an investment in non-yielding assets such as gold,” he added.
On a Friday-to-Friday basis, spot month August 2024, September 2024, October 2024, November 2024, December 2024, and February 2025 all settled at US$2,474.50 per troy ounce from US$2,385.80 per troy ounce previously.
Volume rose to 150 lots from 110 lots last week while open interest increased to 77 contracts from 53 contracts.
The price of physical gold stood at US$2,454.55 per troy ounce, according to the London Bullion Market Association’s afternoon fix on Aug 1.
-- 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
