GOLD

GOLD futures contracts on Bursa Malaysia Derivatives are expected to trade rangebound on lack of catalysts, a dealer said.

Phillip Futures Sdn Bhd dealer Tee Guy Eon told Bernama that gold prices were expected to trade in the range of between 163 and 166 as the market searched for new catalysts to move the prices.

Meanwhile, OANDA head of Trading Asia-Pacific Stephen Innes said gold prices hit a rough patch as the dollar was on the rise again.

He said traders would be looking at lower gold prices if the euro headed for the 1.1300 floors against the US dollar and/ or the Japanese yen test 114.50 against the greenback.

“Both of those currency scenarios are not out of the question,” he added.