Gold futures down on overseas market dip, rupee fall

Gold futures down on overseas market dip, rupee fall
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First Published: Thu, Aug 16 2007. 12 18 PM IST
Updated: Thu, Aug 16 2007. 12 18 PM IST
Mumbai: Indian gold futures were slightly down on Thursday tracking overseas dips and a fall in the rupee, with the weakness in global equities continuing to subdue the climate for investment, commodity brokerages said.
“Prices are moving sideways, it is tougher to make a call,” said T. Gnanasekar, director at Commtrendz Research.
Gnanasekar said a mix of buying and selling was keeping prices within a band as the weakness in equities meant gold was a safe haven, but it also meant gold could be liquidated for margin calls in case of a big stocks slide.
Another analyst at Kotak Commodity Services Ltd. said the near-month gold contract was likely to trade within Rs8,860-8,900 per 10 grams.
Open interest for October gold on the Multi Commodity Exchange of India Ltd. (MCX) was at 9,122 lots, up from 8,990 on Tuesday. Volume on Tuesday was at 19.57 kg.
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First Published: Thu, Aug 16 2007. 12 18 PM IST
More Topics: India | gold | futures | Money Matters | Commodities |