KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
Prices Hold Near Record Levels
Gold prices were little changed on Thursday, with investors cautious ahead of key US economic data that could shape the Federal Reserve’s next policy moves. Spot gold traded at US$3,734.04 per ounce as of 0202 GMT, while US gold futures for December delivery were steady at US$3,765.20.
Dollar Softness Provides Support
A 0.1% dip in the US dollar index lent some support to bullion, making gold cheaper for overseas buyers. The metal remains near its all-time high of US$3,790.82 set earlier this week.
Fed Signals More Cuts Ahead
San Francisco Fed President Mary Daly reiterated support for last week’s rate cut and signalled further easing ahead, suggesting policymakers may prioritise labour market strength. Fed Chair Jerome Powell on Tuesday also stressed the need to balance inflation risks with slowing job growth.
Analyst Ilya Spivak of Tastylive noted:
Support levels sit around US$3,700 and US$3,600.
Resistance lies near US$3,790, with potential upside to US$3,870–US$3,875, and even US$4,000.
Key Data in Focus
Markets are awaiting Friday’s PCE price index, the Fed’s preferred inflation gauge, which is expected to show a 0.3% monthly rise and 2.7% annual gain in August. Weekly US jobless claims, due Thursday, will also provide labour market signals.
GoldSilver Central MD Brian Lan said inflation data is unlikely to shift gold materially “unless it’s exceptionally high,” adding that the longer-term outlook remains bullish. Markets still anticipate two more Fed rate cuts in 2025, in October and December.
Other Precious Metals
Silver slipped 0.2% to US$43.83/oz
Platinum edged down 0.1% to US$1,470.66/oz
Palladium gained 0.1% to US$1,210.96/oz
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