Gold futures up but bearish streak prevails

Gold futures up but bearish streak prevails
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First Published: Fri, Apr 25 2008. 11 47 AM IST
Updated: Fri, Apr 25 2008. 11 47 AM IST
Mumbai: India’s gold futures opened marginally higher on the Multi Commodity Exchange of India Ltd (MCX) on Friday, but analysts said a bearish streak prevailed owing to a firmer dollar and easing crude oil.
Gold for delivery in June was up Rs12 at Rs11,586 per 10 grams at around 10:40am on the MCX. The August contract gained Rs10 to Rs11,635.
“Gold is up, but it’s only marginal buying,” said Debjyoti Chatterjee, associate vice president at MAPE ADMISI Commodity Research. “There is no bullish news to support gold at this time.”
Overseas gold was slightly up on bargain hunting after it dropped to a three-week low the previous day as the dollar got an impetus on favourable economic data.
The benchmark June gold on the MCX was seen facing resistance at Rs11,670 per 10 grams and support at Rs11,480, said an analyst at Motilal Oswal Commodities Broker.
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First Published: Fri, Apr 25 2008. 11 47 AM IST