KUALA LUMPUR: The gold futures contract on Bursa Malaysia Derivatives closed higher today, mirroring the positive momentum in the United States COMEX gold market. Spot month November 2024 advanced to US$2,651.60 per troy ounce from US$2,622.90 per troy ounce yesterday. Contracts for December 2024, January 2025, February 2025 and April 2025 all settled higher at US$2,664.50 per troy ounce against US$2,635.80 previously.
According to BERNAMA News Agency, the trading volume fell to seven lots from 84 lots on Tuesday, while open interest shrank to 23 contracts from 101 previously. The movement in the local gold futures comes as the international market saw similar trends, with the London Bullion Market Association’s afternoon fix on November 26 marking the price of physical gold at US$2,622.10 per troy ounce.
The increase in gold futures reflects broader market optimism and aligns with the trends observed in the US COMEX gold market, indicating potential for continued growth in the market. The reduced trading v
olume and open interest suggest a cautious approach among investors as they navigate the fluctuating market conditions.