KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
Gold surged to a fresh record on Wednesday, climbing to $2,775.47 an ounce during early Asian trading, surpassing its previous peak as investors react to the latest US economic data and brace for potential market disruption ahead of the US presidential election.
The rise follows a report showing US job openings have dropped to their lowest level since early 2021, conflicting with earlier data that suggested strength in the US labor market. This shift led traders to scale back expectations of aggressive rate cuts by the Federal Reserve. Higher interest rates typically dampen the appeal of gold, but ongoing uncertainties are keeping demand strong.
Ahead of the Fed's next policy meeting on Nov. 6-7, markets are closely watching upcoming US inflation and payroll data for further clues on the central bank’s next moves. While policymakers are expected to cut rates by a quarter percentage point, economic resilience and labor market disruptions from recent hurricanes will also be key factors.
Gold has gained over 33% this year, supported by central-bank buying and investor demand for safe-haven assets amid geopolitical tensions in the Middle East and Ukraine. The tight race between Kamala Harris and Donald Trump in the US presidential election is adding further uncertainty, boosting gold’s status as a refuge for investors.
Analysts, including Suki Cooper of Standard Chartered, have noted that market positioning remains elevated ahead of the election and in anticipation of additional Fed rate cuts. A potential Trump victory is expected to bring market concerns about tariffs and associated inflationary pressures.
By 6:57 a.m. in Singapore, spot gold was steady at $2,775.06 an ounce, while the Bloomberg Dollar Spot Index dipped by 0.1%. Other precious metals like silver, palladium, and platinum remained steady, with silver holding above $34 an ounce.
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