Gold futures closed higher

CONTRACT gold futures on Bursa Malaysia Derivatives closed higher tonight with one lot traded, worth RM70,736.

Phillip Capital Sdn Bhd trader Edison Lai said COMEX gold, however, fell lower on Monday as the dollar rose after US Federal Reserve (US Fed) Governor Christopher Waller warned the market that the central bank would not reduce its efforts to fight inflation.

“The price of gold is expected to slow down the upward momentum when US Fed officials reiterated their stance that further interest rate hikes are necessary to control inflation,” he told Bernama.

At the close of trading, the Bursa Malaysia gold futures contract for the current month of November 2022 was at US$1,768.40 per troy ounce.

Meanwhile, all December 2022, January 2023, February 2023, April 2023 and June 2023 contracts amount to US$1,783 per troy ounce.

The price of physical gold is at US$1,759.35 per troy ounce as published by LBMA PM Fix on Nov 11, 2022. – Bernama

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