Gold futures down as oil-driven rally eases

Gold futures down as oil-driven rally eases
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First Published: Wed, Apr 16 2008. 11 17 AM IST
Updated: Wed, Apr 16 2008. 11 17 AM IST
By Reuters
Mumbai: Indian gold futures were lower on 16 April tracking overseas markets, where the metal eased slightly after oil’s rally to all-time highs the previous day subsided, analysts said.
The trend for the day was lower until fresh cues are obtained from the U.S. Consumer Price Index to be released later, analysts said.
“The outlook for the day is rangebound and horizontal,” said Somnath Dey, incharge - metals and energy research at Religare Commodities Ltd. Foreign gold that guides the local market has moved sideways in the last few sessions, waiting for new direction after seeing an all-time high at $1,030.80 an ounce on March 17.
The benchmark June gold on the Multi Commodity Exchange of India Ltd (MCX) is likely to move within Rs11,900 and Rs12,100 per 10 grams, Dey said.
Open interest for June gold on MCX was at 7,275 lots, up from 7,191 on 15 April. Volume on the previous day was at 29.82 kg.
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 11:07 a.m.
Contract Current price Percent change
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June 11,972 -0.16
August 12,003 -0.27
(Reporting by Ruchira Singh; Editing by Harish Nambiar)
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First Published: Wed, Apr 16 2008. 11 17 AM IST
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