Gold futures contracts on Bursa Malaysia Derivatives closed sharply higher today on fresh buying interest for the precious metal, said a dealer.
Phillip Futures Sdn Bhd Dealer, Leo Goh Boon Hao, said the gold price rose after the world's second largest economy, China devalued its currency amid poor economic data.
"Meanwhile, the US Federal Reserve (Fed) Vice Chairman Stanley Fischer does not expect the Fed to hike the interest rates in September until the inflation data is closer to its 2% target," he said.
At the close, August 2015, September 2015, October 2015 and November 2015 soared 88 ticks each to RM143.80, RM144.20, RM144.60 and RM146.10 a gramme respectively.
Volume surged to 1,202 lots worth RM17.3 million from 307 lots worth RM4.28 million on Monday while open interest increased to 2,512 contracts from 1,384 contracts yesterday.
The physical price of gold as at 5pm stood at RM137.26 per gramme, up RM3.51 from Monday's RM133.75 per gramme. – Bernama, August 11, 2015.
