Mumbai: India’s gold futures were up on Thursday, 17 July, on the Multi Commodity Exchange of India Ltd (MCX) tracking a bounce-back in foreign markets, and analysts said it could strengthen after Wednesday’s fall of more than a per cent. “Some sort of correction is needed before it rallies again,” said K.N. Rahaman, deputy research head at Way2Wealth Securities Ltd.

Gold for delivery in August gained Rs27 to Rs13,392 per 10 grams at 11:00am on the MCX. The October contract was up Rs23 to Rs13,472.

Foreign gold, that guides the local market, inched up on bargain hunting after sharp falls on the back of falling crude oil.

However, in the local market, a stronger rupee against the dollar, boosted by the sharp drop in oil prices, capped gold’s rise to some extent.

The benchmark August gold on the MCX was seen ranging between Rs13,162 and Rs13,600 per 10 grams, said Subodh Gupta, analyst at Anand Rathi Commodities.

Open interest for August gold was at 8,900 lots, higher than Wednesday’s 8,842 lots, when volume was 70.13 kg.

Silver futures were also seen tracking gold with the benchmark September contract on MCX seen finding support at Rs26,000 per kg. The contract traded at Rs26,320, up 0.39% over the previous day.