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Gold futures up on overseas speculative buying

Gold futures up on overseas speculative buying
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First Published: Tue, Mar 20 2007. 02 33 PM IST
Updated: Tue, Mar 20 2007. 02 33 PM IST
eeting on US interest rates, analysts said.
Overseas gold was below its one-week high of $656.25 an ounce touched on 19 March, but analysts said its future course would be steered by the outcome of the US Federal Open Market Committee meeting that starts on 20 March.
“The FOMC is expected to keep interest rates unchanged, but the market will look for FOMC’s comments on the economic scenario,” said Tejas Parekh, senior research analyst at Motilal Oswal Commodities Broker Pvt. Ltd.
Parekh recommended buying April gold on the Multi Commodity Exchange of India Ltd. (MCX) at Rs9,370 per 10 grams, for a target of Rs9,460.
Another analyst also said gold may rise ahead of the FOMC meeting, but warned of surprises that could push gold back down.
“The FOMC may have a lot of positive utterances for the dollar,” said Thiagarajan Gnanasekar, director at Commtrendz Research. “That could make gold fall right back to current levels.”
By Reuters
MUMBAI: Indian gold futures were slightly up as some overseas speculators bought the metal ahead of a key m
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First Published: Tue, Mar 20 2007. 02 33 PM IST
More Topics: Money Matters | Commodities |