Mumbai: India’s gold futures extended losses for a second day on Wednesday on a strong dollar overseas, dimming the yellow metal’s appeal as an alternative investment, analysts said.
The benchmark June gold contract was 0.35% lower at Rs15,012 per 10 grams at 11:46am., after losing 0.4% in the previous session.
The dollar and the yen rose on a report that the White House was prepared to let US automakers go bankrupt, but retreated from the day’s highs after a US administration official said it was inaccurate.
“It will be mostly a data dependent day,” said Debjyoti Chatterjee, associate vice-president with MAPE ADMISI.
US construction spending for February and US automaker sales data for March will be released on Wednesday, while US jobless claims are due out on Thursday.
Technically, gold is looking positive, analysts said.