KUALA LUMPUR: Gold futures contract on Bursa Malaysia Derivatives is likely to remain bearish next week amid speculation on the timing of the US interest rate hike, a dealer said.
Phillip Futures Sdn Bhd Dealer Ong Su Ling said the lower gold price could, however, trigger some buying support from India and China.
“The significant data to watch out for next week are US factory orders, trade balance, jobless claims and non-farm payroll figures,” said Ong.
The local market was traded mostly lower for the week just-ended.
On a Friday-to-Friday basis, July 2015 declined one tick to RM132.80 a gramme, August 2015 added eight ticks to RM133.80 a gramme while September 2015 and October 2015 increased 12 ticks each to RM134.20 and RM134.60 a gramme, respectively.
Volume for the week fell to 440 lots, worth RM5.92 million, from 2,723 lots valued at RM36.44 million recorded last week.
Open interest was lower at 1,625 contracts from 4,041 contracts last Friday. – BERNAMA