KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
Gold prices plunged sharply, erasing all year-to-date gains , as escalating Middle East tensions triggered a surge in inflation expectations and interest rate risks , prompting aggressive selling across precious metals. Gold Sees Fastest Selloff in Decades Gold extended its losses for a ninth consecutive session , falling as much as 8.8% to near US$4,100 per ounce , before stabilising around US$4,225 . This dramatic decline follows what was already the worst weekly drop since 1983 , highlighting the intensity of the current selloff. Inflation Shock Drives Rate-Hike Expectations The key driver behind the decline is a sharp shift in macro expectations: Oil prices remain elevated , fuelling inflation concerns Markets are increasingly pricing in higher-for-longer interest rates Central banks may delay or reverse easing cycles Higher interest rates reduce the attractiveness of gold, as it does not generate yield , pushing investors toward...