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Gold futures edge higher on international cues

Gold futures edge higher on international cues
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First Published: Tue, Jun 16 2009. 01 40 PM IST
Updated: Tue, Jun 16 2009. 01 40 PM IST
Mumbai: India gold futures edged higher on Tuesday tracking international prices, which rose on some renewal in demand, analysts said.
International gold clawed back above $930 an ounce on Tuesday, after falling by more than $30 from last week’s peak of $965 on a rally in the dollar, which had led to a shift of funds out of commodities.
Analysts expect the yellow metal to move in a range on Tuesday tracking economic data for the day. The US May housing starts and US May producer price index data will be released on Tuesday.
“We expect bullion prices to trade sideways tracking the performance of the US dollar and the economic events,” said an analyst with Karvy Comtrade Ltd.
At 11:02am, Comex August gold was up 0.68% at $933.8 an ounce.
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 11:04 am.
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First Published: Tue, Jun 16 2009. 01 40 PM IST
More Topics: Markets | India | Gold | Bullion | Commodity |