Malaysia: Gold Futures Likely To Trend Higher

KUALA LUMPUR, Oct 1 (Bernama) -- Gold futures contracts on Bursa Malaysia Derivatives are expected to be on uptrend next week on better buying support, a trader said. He said investors were inclined to view gold as 'safe-haven' assets on concerns over the global economy, especially the Deutsche Bank worries, he said. "The gold prices in US market was on the rise on Friday as concerns about Deutsche Bank triggered a sharp sell-off in equities that undermined risk appetite. "People are worried about potential systemic risks in the global banking sector. And when there is a rush for safe-haven, then gold is a top contender," he said. On a Friday-to-Friday basis, September 2016 declined seven ticks to RM176.65 a gramme, October 2016 rose four ticks to RM177.20 a gramme, while November 2016 and December 2016 advanced four ticks each to settled both at RM177.70 a gramme. February 2017 was up by four ticks to RM177.45 a gramme. Weekly turnover soared to 72 lots worth RM1.28 million from 45 lots worth RM619,580 last week. Open interests were higher at 303 contracts on Friday versus 273 contracts previously. -- BERNAMA