By Siti Radziah Hamzah
KUALA LUMPUR, Nov 1 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives retreated at close on Friday as investors booked profits ahead of the US Presidential election next week, said an analyst.
SPI Asset Management managing partner Stephen Innes said gold trading has faced some turbulences with the rally hitting a speed bump as higher global yields triggered a wave of minor profit-taking, with the metal unable to break above the US$2,800 resistance level.
“While overbought conditions make a pullback natural, gold should remain supported heading into next week’s US Presidential election as safe-haven demand stays steady. The big tail risk is a Kamala Harris win which could send gold quite a bit lower as trade wars would be off the table,” he told Bernama.
Spot month October 2024 fell to US$2,764.90 per troy ounce from Wednesday’s US$2,784.0 per troy ounce, and November 2024 declined to US$2,777.20 per troy ounce from US$2,798.90 per troy ounce previously.
Meanwhile, December 2024, January 2025 and February 2025 contracts all settled lower at US$2,777.20 per troy ounce against US$2,807.0 per troy ounce.
Trading volume fell sharply to two lots from Wednesday’s 20 lots, while open interest slid to eight contracts from 27 contracts previously.
According to the London Bullion Market Association’s afternoon fix on October 31, the price of physical gold stood at US$2,734.15 per troy ounce.
-- BERNAMA
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