GOLD

THE gold futures contract on Bursa Malaysia Derivatives is expected to trade on a cautious mode as markets are likely to be jittery ahead of the US Federal Reserve’s (Fed) meeting, scheduled to take place, a dealer said.

Phillip Futures Sdn Bhd dealer Leo Goh Boon Hao said the US interest rate decision would be the main theme and whether the Fed would announce another round of interest rate hike. According to reports, the Fed is largely expected to raise rates at its December 18 to 19 meeting.

On a Friday-to-Friday basis, spot month December 2018, January 2019, February 2019 and March 2019 all added 28 ticks each to RM167 per gramme, RM167.00 per gramme, RM167.10 per gramme and RM167.20, respectively.

Weekly turnover fell to one lot worth RM16,700 from 10 lots worth RM164,930 in the previous week, while open interest declined to 26 contracts from 27 contracts previously.