Business Standard

Indian gold futures seen gaining further

Related News

Indian futures are likely to extend gains for another week, helped by a weaker dollar overseas, analysts said.

The most-active gold for October delivery on the Multi Commodity Exchange (MCX) was 0.24 percent higher at 29,976 rupees per 10 grams at 1158 GMT.

"Both gold and silver are moving in line with risky assets and U.S. payroll numbers have underpinned sentiment for precious metals as the dollar fell across the board," said Gnanasekar Thiagarajan, director with Commtrendz Research.

Dollar and gold often move in opposite directions as the two compete for funds globally.

The euro eased on Monday after making significant gains, with many investors wary of buying the currency on caution about how effective action pledged by European policymakers to resolve the euro zone crisis would be.

Buying is advised on dips within a 29,650-29,670 range, with a stop loss of 29,500, targeting 30,100, said Thiagarajan.

However, slack physical demand ahead of the festival and wedding seasons could limit the upside.

Physical demand has already halved in India, the world's biggest consumer in 2011, due to a doubling of import duty to 4 percent. Forecasts of poor rains are likely to further threaten demand from rural areas, which contribute to 60 percent of the country's gold imports.

Silver could also rise in tandem with the yellow metal.

Silver for September delivery on the was flat at 53,260 rupees per kg.

Buying is advised on dips to 53,000, with a stop loss of 52,700, targeting 53,900, said Thiagarajan.

 

Read more on:   
|
|
|

Read More

Silver falls 0.32% on weak global cues

Silver prices drifted by Rs 191 to Rs 58,782 per kg in futures trade today as speculators offloaded their positions, tracking a weak global trend.

Quick Links

 

Market News

Nifty above 8,100 mark; Hero Moto up over 5%

The market breadth in BSE remains firm with 2,141 shares advancing and 825 shares declining

Hero MotoCorp hits record high on Rs 1,600 crore capex plan

The company would set up an ultra-modern manufacturing facility with a capacity to produce 1.8 million units annually in Andhra Pradesh.

Sensex up 300 points; Oil and Pharma shares rally

BSE Midcap and Smallcap indices are outperforming the large counterparts and have surged between 1.5-2%.

Silver futures fall 0.49% on weak overseas trend

Meanwhile, in New York, silver fell 0.88% to $18.52 an ounce in Wednesday's trade

Gold futures weaken on global cues

Globally, gold lost as much as 0.60% to $1,216.30 an ounce in Singapore, the lowest sicne January 2

Back to Top