KUALA LUMPUR: Gold futures contracts closed sharply lower yesterday on lack of demand, said a dealer.
The dealer said lower gold market was in tandem with COMEX gold futures following the strengthening in global equity market and US dollar after a new round of quantitative easing from Bank of Japan and robust US economic data.
“The hawkish comments and the strong US gross domestic product data on Thursday dulled gold’s appeal as a hedge against risk,” the dealer said.
At the close, October 2014 fell 65 ticks to RM124.10 a gramme, November 2014 slipped 59 ticks to RM124.80 a gramme while December 2014 and January 2015 declined 55 ticks each to RM125.20 a gramme and RM125.50 a gramme respectively.
Open interest rose to 2,953 contracts from Thursday 2,748 contracts while turnover jumped to 387 lots worth RM4.84 million from 143 lots worth RM1.82 million previously.
At 5pm, the physical price of gold was RM2.76 lower at RM120.34 a gramme from RM123.10 on Thursday. Bernama