KUALA LUMPUR: Gold futures contracts on Bursa Malaysia Derivatives continued downtrend for the third consecutive day, tracking overnight losses on the US Commodity Exchange’s gold futures.
Phillip Futures Sdn Bhd dealer Lim Eng Wee said gold traders predict Russia’s next move would be to sell bullion after a surprise rate hike failed to stop the ruble from plummeting.
“We expect gold to extend its bearish trend on speculation of potential bullion selling by Russia,” said Lim.
January 2015, February 2015 and March 2015 eased two ticks each to RM134.95, RM135.25 and RM135.65 a gramme respectively, while December 2014 fell six ticks to RM134.50 a gramme.
Open interest eased to 1,817 contracts from 1,819 contracts on Tuesday, while turnover declined to 109 lots valued at RM1.47 million from 127 lots worth RM1.72 million previously.
The physical price of gold at 5pm was 12 sen lower at RM129.96 a gramme from RM130.08 a gramme on Tuesday. Bernama