Mumbai: Gold futures nosed up Monday, 17 December, tracking overseas markets and analysts said some more upside is likely, though the approaching year-end meant it would be subdued.
February gold was up Rs27 at Rs10,197 at 10:52am on the Multi Commodity Exchnage of India (MCX). The April contract gained Rs22 to Rs10,268.
“There might be a slight pull back, but the overall picture still remains ‘consolidation´,” said T. Gnanasekar, director, Commtrendz Research.
Another analyst, Dhiraj Kothari of Brics Commodities Pvt Ltd, said bargain hunting when the US markets opened is likely to push prices. Kothari said the February contract on the Multi Commodity Exchange of India Ltd (MCX) is likely to test 10,240-10,260 rupees per 10 grams.
Open interest for the February contract on MCX was at 9,806 lots, nearly the same as Saturday’s 9,810. Volume on Saturday was at 1 kg.