India gold futures down on profit-taking

India gold futures down on profit-taking
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First Published: Mon, Feb 16 2009. 11 09 AM IST
Updated: Mon, Feb 16 2009. 11 09 AM IST
Mumbai: India’s gold futures traded lower on Monday as investors continued to take profits after last week’s rise, analysts said.
Gold’s trading volumes are expected to be thin as US markets are closed for Presidents day holiday, they added.
Gold will be moving with very less volatility as US markets are closed, said Subodh Gupta, an analyst with Anand Rathi Commodities, adding the strategy still remains to buy on dips.
“The positive bias is expected to remain for the day,” said Vikas Vaid, assistant vice-president with Asit C. Mehta Commodity Services in Mumbai.
Gold futures on the Multi Commodity Exchange (MCX) was 0.28% lower at Rs14,588 per 10 grams at 11:09am, after gaining 3.5% last week.
Gold may trade in the range of Rs14,551-Rs14,676 for the day, added Anand Rathi’s Gupta.
The yellow metal futures had struck an all-time high of Rs14,824 on 12 February on safe haven purchases and also supported by a weaker rupee.
Open interest for April gold on MCX was at 20,458 lots, up from 20,284 a day earlier. Volume on Saturday was 1.45 kg.
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First Published: Mon, Feb 16 2009. 11 09 AM IST