Mumbai: Indian gold futures were slighly higher on 18 October, recovering losses incurred in the morning, as traders were booking profit at higher levels and want to go long again at lower prices, analysts said.
“The recent rally is slightly overdone. There can be some correction in the market, and then only fresh buying could happen,” said Harish Galipelli, head of research, Karvy Comtrade Ltd.
Speculators are looking at a level of less than Rs9,700 for the December contract to take long positions, three analysts said.
Overseas gold rebounded on 18 October as bargain hunters returned to the market amid worries about possible military action by Turkey in northern Iraq against Kurdish rebels.
On Wednesday, overseas gold had dropped tracking declines in crude oil.
Open interest for December gold on MCX was at 11,104 lots, up from Wednesday’s 10,858 lots.