Mumbai: India’s gold futures were little changed on the Multi Commodity Exchange of India Ltd (MCX) on 8 July, tracking foreign markets that inched up on bargain-hunting.
“Gold could move sideways. There is less chance of it moving higher,” said Aurobinda Prasad, technical analyst at Karvy Comtrade Ltd.
Overseas gold that guides local prices was up slightly, recovering from a week’s low the previous day, but crude oil prices that steadied after easing tensions in the Middle East, suggested gold’s gains may be capped for now.
Gold generally tracks crude oil as the latter stokes inflation, while the metal douses it.
“The benchmark August gold on the MCX was seen finding support at Rs12,920 per 10 grams and resistance Rs13,100 levels”, said B.G. Manjunath Prasad, technical analyst at Way 2 Wealth Securities Ltd.
August gold had an open interest of 9,110 lots, up from 8,980 on Monday. Volume the previous day was at 54.602 kg.