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Commodities  |  JANUARY 30, 2016 6:05AM

Gold to trade lower; ringgit continue momentum

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IndiaGold1Gold futures contracts on Bursa Malaysia Derivatives are likely to trade slightly lower next week with the ringgit expected to continue its upward momentum, dealers said.

Phillip Futures Sdn Bhd dealer Viola Yong said on Friday the local note closed higher at 4.15 versus the greenback.

“The strengthening of the ringgit in the face of the recalibration of the Budget 2016 and a rally in global oil prices has added pressure on gold,” she added.

With the equities market set to remain strong and oil prices continuing to edge higher, the dealer said gold is likely to face continuing pressure.

Meanwhile, on a Friday-to-Friday basis, January 2016 fell 48 ticks to RM148.65 a gramme, February 2016 declined 54 ticks to RM148.30, March 2016 was down 56 ticks to RM148.40 and April 2016 slipped 52 ticks to RM148.95.

Weekly turnover totalled 262 lots worth RM3.92 million from 503 lots worth RM7.34 million last Friday.

Open interest on Friday rose to 1,654 contracts from 1,596 contracts previously.



 
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