KUALA LUMPUR: The gold futures contract on Bursa Malaysia Derivatives ended marginally higher today after the US dollar continued to decline amid anticipation of US interest rate cuts.
Gold and interest rates typically have an inverse relationship; gold prices tend to rise when interest rates fall and decrease when interest rates increase.
The September 2024 contract rose to US$2,536.70 per troy ounce from US$2,535.20 per troy ounce yesterday.
The October 2024, November 2024, December 2024, February 2025, and April 2025 contracts all settled higher at US$2,539.00 per troy ounce compared to US$2,537.50 per troy ounce previously.
Volume rose to nine lots from seven lots on Thursday, while open interest fell to 49 contracts from 50 contracts previously.
The price of physical gold stood at US$2,509.55 per troy ounce, according to the London Bullion Market Association's afternoon fix on September 5.
-- BERNAMA
TAGS: Gold futures, Bursa Malaysia Derivatives, London Bullion Market Association