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Indian gold futures mixed, seen up on overseas cues

Indian gold futures mixed, seen up on overseas cues
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First Published: Thu, Mar 06 2008. 11 39 AM IST
Updated: Thu, Mar 06 2008. 11 39 AM IST
Reuters
Mumbai: Indian gold futures opened slightly changed on Thursday, 6 March, amid continued strong buying overseas and analysts said the trend for the day was still up after the previous days highs.
While April gold rose marginally by Rs2 to Rs12,770 at 10:48am on the Multi Commodity Exchange of India Ltd, the June contract fell by Rs10 to Rs12,802.
“The market doesn’t seem to be giving up its momentum,” said an analyst at IL&FS Investsmart Commodities Ltd. “There is no negative news so far to help in profit taking.”
Overseas spot gold hit a new all-time high of $991.80 an ounce the previous day and analysts said it was within sight of 1,000 an ounce.
In the local market, the near month April futures on the Multi Commodity Exchange of India Ltd had touched its all-time high of Rs12,871 per 10 grams on Wednesday.
“The near month contract may test yesterday’s highs again,” said Harish Galipelli, head of research at Karvy Comtrade Ltd.
“Yesterday’s rally is looking strong and may sustain today.”
The IL&FS analyst said April gold on MCX could range between Rs12,660 per 10 grams and Rs12,850.
Open interest for April gold was at 11,142 lots, nearly same as 11,146 a day ago. Volume on Wednesday was at 67.66 kg.
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First Published: Thu, Mar 06 2008. 11 39 AM IST