KUALA LUMPUR, May 22 (Bernama) -- Bursa Malaysia ended higher on Friday as bargain hunting resurfaced following several weak trading sessions. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.31 points, or 0.25 per cent, to 1,712.67, from yesterday’s close of 1,708.36. The benchmark index, which opened 3.35 points higher at 1,711.71, moved in a narrow range between 1,710.30 and 1,715.71 throughout the session. Market breadth was positive, with gainers outpacing losers 629 to 539, while 540 counters were unchanged, 1,010 untraded and 64 suspended. Turnover rose to 3.68 billion units worth RM3.58 billion compared with 3.49 billion units worth RM3.70 billion on Thursday.
Gold prices edged lower as a stronger US dollar and rising expectations of interest rate hikes reduced the appeal of the non-yielding metal. Gold Under Pressure from Dollar Strength Spot gold declined 0.3% to US$4,527 per ounce , extending a modest weekly loss. The weakness comes as the US dollar holds near a six-week high , making gold: More expensive for foreign investors Less attractive relative to yield-bearing assets Rising Rate Expectations Weigh on Sentiment Markets are increasingly pricing in tighter monetary policy: ~60% probability of a Fed rate hike by December Elevated oil prices are fueling inflation concerns , which may force the Federal Reserve to keep rates higher for longer . Higher interest rates typically: Increase opportunity cost of holding gold Strengthen the US dollar , further pressuring prices Oil and Geopolitics Drive Inflation Risks Oil prices remain elevated amid uncertainty in US-Iran ne...