Trading in gold futures contract on Bursa Malaysia Derivatives is expected to be volatile next week, amid the uncertainty
in global economies.
Phillip Futures Sdn Bhd Dealer Lim Eng Wee said buyers were awaiting the release of US job data next week as it would determine the market's direction.
"It is important for buyers to observe next week's labour market report. If the numbers are favourable this would mean that the US Federal Reserve might begin tapering its stimulus programme as early as December," he said.
Meanwhile, China's net gold imports in October rose to its highest level in seven months as buyers stocked up to meet demand ahead of the Chinese New Year festival in January.
On a Friday-to-Friday basis, both November 2013 and December 2013 each lost 0.10 sen to RM129.05 sen per gramme and RM129.45 sen per gramme, respectively.
Total volume shed to 1,309 lots, valued at RM13.09 million, from 1,382 lots valued at RM18.12 million, traded last week.
On Friday, open interest stood at 6,725 contracts versus 5,760 contracts last Friday.
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