By Nurul Jannah Kamaruddin
KUALA LUMPUR, Nov 27 -- The gold futures contract on Bursa Malaysia Derivatives is expected to remain untraded next week amid muted interest, a trader said.
The market has been unchanged for the whole week.
Phillip Futures Sdn Bhd dealer Stephen Lou said global gold price was expected to trade higher next week as the safe-haven appeal of gold was bolstered after news of the novel coronavirus variant found in South Africa added to concerns about the health of the global economy.
Meanwhile, the trader said the market would be monitoring a slew of US key data to be released next week.
According to him, investors are speculating about a likely retaliation from the Organisation of Petroleum Exporting Countries and allies when they meet next week, following the release of petroleum reserves from key countries such as the United States in coordination with China and other Asian countries.
Chinese Foreign Ministry spokesperson Zhao Lijian was reported to have said the country would release crude oil reserves according to its own needs.
On a Friday-to-Friday basis, Bursa Malaysia Derivatives’ gold futures contracts for November 2021, December 2021, January 2022 and February 2022 all remained at RM255.00 a gramme.
Volume and open interest were nil.
Meanwhile, the price of physical gold decreased RM2.84 to RM237.94 a gramme on Friday from RM240.78 a gramme a week earlier.