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Gold futures a tad lower on rupee

Gold futures a tad lower on rupee
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First Published: Wed, May 20 2009. 11 42 AM IST
Updated: Wed, May 20 2009. 11 42 AM IST
Mumbai: India gold futures traded a tad lower on Wednesday pressured by a marginally higher rupee, which makes the dollar-quoted asset cheaper, analysts said.
The Indian rupee rose as high as Rs47.63 during trade, but was volatile tailing a choppy sharemarket, after rallying 4.3% in the previous three sessions.
However, US data released on Tuesday that showed an unexpected fall in housing starts to record lows in April restricted the downside, they added.
The most active June contract was 0.15% lower at Rs14,300 per 10 grams at 11:48am.
While the overall health of the economy will stay in focus, the dollar’s direction is expected to remain the decisive factor as the traditional negative correlation between the US currency and gold comes more sharply into play.
Some more upside is expected in gold due renewed concerns about an economic revival after US housing numbers, said Pranav Mer, an analyst with India Infoline.
Gold may touch Rs14,500 later in the session, added Mer.
Gold may trade in the range of Rs14,275-14,400, said Harish Galipelli, head of research with Karvy Comtrade.
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First Published: Wed, May 20 2009. 11 42 AM IST
More Topics: Markets | India | Commodity | Gold | Bullion |