KUALA LUMPUR: Gold futures contracts on Bursa Malaysia Derivatives closed lower today on worries that the US economic recovery would reduce the precious metal’s attractiveness as a safe haven asset.
Phillip Futures Sdn Bhd dealer Lim Eng Wee said investors remained cautious over a potential rate hike by the US Federal Reserve while keeping their eye on US economic data such as ADP Employment Change to be released later today and US non-farm payrolls for a better gauge on the US job market.
“Gold futures may remain sideways as investors are reluctant to place their bets ahead of the release of crucial US non-farm payroll data this Friday,” he told Bernama.
At close, March 2015, April 2015 and May 2015 slipped four ticks each to RM141.05, RM141.40 and RM141.05 a gramme respectively while June 2015 declined five ticks to RM141.25 a gramme.
Open interest increased to 3,382 contracts from Tuesday’s 3,310 contracts while turnover shrank to 278 lots worth RM3.98 million from 337 lots worth RM4.76 million traded yesterday.
Physical gold was 14 sen higher at RM136.54 a gramme. – BERNAMA