Mumbai: India gold futures edged higher on Wednesday on international cues and a weakening rupee, which makes the dollar-denominated imported commodity expensive, analysts said.
The Indian rupee eased on Wednesday tracking the dollar’s gains against the euro and falls in some Asian stock markets which may prompt foreign investors to trim positions in local shares.
International gold was at $937 per ounce at 0613 GMT, up from New York’s notional close of $934.10 on Tuesday.
“Gold looks higher in intraday trade ...fundamentals look positive.. trade above Rs14,500 (per 10 gm) could see further upward movement,” said Vishakha Chhabria, an analyst with Ventura Commodities Pvt Ltd.
At 11:43am, Comex August gold was up 0.6% at $937.8 an ounce.