KUALA LUMPUR, Aug 31 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives is likely to be on cautious trading next week, said a dealer.
He said market participants would be monitoring the September non-farm payrolls (NFP) report, which is expected to be released on Sept 6.
The dealer said that with the release of the NFP report, investors would be able to anticipate the size and pace of the United States Federal Reserve’s forthcoming interest rate cut.
On a Friday-to-Friday basis, the spot month of August 2024 edged up to US$2,524.20 per troy ounce from US$2,520.00 per troy ounce in the preceding week, and September 2024 rose to US$2,546.50 per troy ounce from US$2,523.70 per troy ounce previously.
Meanwhile, October 2024, November 2024, December 2024 and February 2025 all settled slightly higher at US$2,548.80 per troy ounce from US$2,526.00 per troy ounce previously.
Volume went up to 73 lots from 67 lots last week, while open interest narrowed to 37 contracts from 58 contracts previously.
The price of physical gold stood at US$2,518.10 per troy ounce, according to the London Bullion Market Association’s afternoon fix on Aug 29.
-- BERNAMA
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