Latest news with #COMEXGold
BusinessToday
5 days ago
- Business
- BusinessToday
Gold Inches Higher Amid Consolidation Phase
Gold prices in Malaysia edged up slightly on Thursday, with the kilogram rate rising 0.21% to RM455.21, reflecting modest gains from global markets. In gram terms, the increase translates to an additional RM0.97 per gram. Over the short term, gold remains in a consolidation phase, down 0.76% over the past 30 days but showing a strong year-to-date gain of 29.72% and a five-year jump of 69.38%. RHB Investment Bank Bhd (RHB Research) noted that COMEX Gold recouped US$9.40 on Wednesday, closing at US$3,380.50, slightly above both the 20- and 50-day moving averages, signalling strengthening bullish momentum. The commodity had opened at US$3,371.90 and traded within a range of US$3,365 to US$3,394.60 during the session. Despite the upward move, RHB Research highlighted that Monday's losses remain unrecouped, and the Bearish Marubozu candlestick pattern suggests continued sideways consolidation before a stronger rally may resume. The house recommends maintaining long positions initiated at US$3,402.40, with a stop-loss at US$3,250. Immediate support is seen at US$3,350, while resistance levels are set at US$3,500 and US$3,600. Market observers say investors are likely to remain cautious in the near term, balancing risk management with the potential for further gains as bullish signals strengthen.
BusinessToday
06-08-2025
- Business
- BusinessToday
Gold Prices Dip 1.07% Amid COMEX Gains, Bullish Outlook Ahead
Gold prices in Malaysia fell 1.07% today, trading at RM457,647.39 per kilogram as of 2.52 am New York time, marking a decline of RM4,966.16 from the previous session. On a gram basis, the price reflected a similar drop, translating to a daily change of -RM155.08 or -1.08%. Despite the short-term dip, gold has maintained strong long-term gains, with prices up 1.93% over the past 30 days, 13.36% over six months, and 35.25% year-on-year. Over five years, the precious metal has surged 68.54%, while its 20-year performance stands at an impressive 775.52%. On the global front, COMEX Gold continued to strengthen last Friday, closing 1.8% higher at US$3,373.20 after hitting an intraday high of US$3,389.40. The contract crossed above its 20- and 50-day simple moving average (SMA) lines, signalling renewed bullish momentum. According to RHB Investment Bank Bhd, the commodity is poised to test resistance at US$3,450, with a potential breakout paving the way for US$3,600. Support levels are seen at US$3,250 and US$3,150. 'Traders are recommended to stay on the long position initiated at US$3,402.40 or the close of 12 June. To minimise trading risks, the stop-loss threshold is fixed at US$3,150,' the research house said, maintaining its positive trading bias on gold.
