By Nurunnasihah Ahmad Rashid
KUALA LUMPUR, Nov 22 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives extended its uptrend on Friday, tracking the steady gains in the US COMEX gold market, analysts said.
An analyst said that despite the US dollar's strength, demand for gold was stronger, which was driving its price up.
“Additionally, the escalating tensions in the Russia-Ukraine conflict have made gold more attractive to investors, as they are seeking safer investments due to the instability in equity markets,” he told Bernama.
Spot month November 2024 improved to US$2,698.70 per troy ounce from US$2,670.30 per troy ounce on Thursday.
Meanwhile, contracts for December 2024, January 2025, February 2025 and April 2025 all settled higher at US$2,712.10 per troy ounce against US$2,683.70 previously.
Trading volume decreased to eight lots from 12 lots yesterday, while open interest fell to 28 contracts from 31 previously.
According to the London Bullion Market Association’s afternoon fix on Nov 21, the price of physical gold stood at US$2,665.30 per troy ounce.
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