GOLD
THE gold futures market on Bursa Malaysia Derivatives is expected to trade on a downside bias, following a surge in bond yields, particularly in the US.
Phillip Futures Sdn Bhd dealer Carmen Yoon Kar Min told Bernama that the higher bond yields is likely to continue surging and make gold less attractive. Meanwhile, OANDA Asia Pacific senior market analyst Jeffrey Halley said gold is struggling to hold its current position of US$1,800 (RM4.045 per dollar) an ounce as the US bond market pushes higher.
“Gold’s next performance would depend on US and China’s economic data to survive at present levels.
“Given the inflation-panic bond-mania sweeping global markets, I do not hold out much hope for its chances,” he said.
On Friday-to-Friday basis, gold futures on Bursa Malaysia for February 2021 gained 36 ticks to RM229.80 a gramme, while March 2021, April 2021, and May 2021 all gained 80 ticks to RM232.00 a gramme.