KUALA LUMPUR: Gold futures contracts on Bursa Malaysia Derivatives close lower yesterday, tracking the overnight losses on the US Commodity Exchange's (Comex) gold futures amid a stronger US dollar, dealers said.
Phillip Futures Sdn Bhd dealer Lim Eng Wee also said analysts had expected China’s gold import from Hong Kong to maintain around this year’s level as physical demand in the world’s biggest consumer remained stable.
He also said China was also considering easing restrictions on imports, a move that could support gold prices.
“We expect gold prices to go higher as the fall in global equities and political uncertainty in Greece would increase the demand for alternative assets,” he said.
At the close, December 2014, January 2015, February 2015 and March 2015 fell five ticks each to RM133.25, RM134.40, RM134.70 and RM135.10 a gramme, respectively.
Open interest decreased marginally to 3,813 contracts from 3,820 contracts on Monday, while turnover trimmed to 43 lots valued at RM580,000 from 48 lots worth RM640,000 million previously.
The physical price of gold at 5pm was 48 sen lower at RM129.41 per gramme from RM129.89 per gramme on Monday. Bernama