Mumbai: India’s gold futures were barely changed on 1 January with all cue-providing foreign markets closed for the New Year, but analysts said its bull trend is expected to return later this week.
“There could be just a Rs20-30 movement altogether,” said Shailendra Kumar, head of research at Sharekhan Commodities Pvt Ltd.
“But the uptrend remains intact,” said Amar Singh, head of commodities research at Angel Commodities Broking Pvt Ltd, who also said prices are expected to remain flat during the day.
The two analysts said worries over U.S. economic growth, credit problems, firm crude oil and geo-political tensions are seen pushing gold up when markets resume full fledged trade. Open interest for the February gold contract on the Multi Commodity Exchange of India Ltd was at 12,856 lots, down from 12,910 on the previous day. Volume on 31 December was at 29.645 kg.
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 11:19 a.m:
Contract Current price Net change
Feb 10,597 -1
Apr 10,662 1