Mumbai: India’s gold futures were higher on Thursday on the Multi Commodity Exchange of India Ltd (MCX), tracking firm foreign markets that recovered further after multi-month falls earlier this week.
“Gold looks rangebound but the bias is on the upside,” said Shailendra Kumar, head of Commodity Research Group.
Foreign gold, that guides the local market, regained lost ground following a drop to an eight-month low on Tuesday, as crude oil rose on declining inventories.
“The benchmark October gold on the MCX was seen targeting Rs11,725 per 10 grams and finding support at Rs11,625,” Kumar said.
Open interest for October gold was at 11,733 lots, lower than 11,941 on Wednesday. Volume on the previous day was at 68.69 kg.
September silver on the MCX was seen ranging within Rs21,500 and Rs21,850 per kg. It traded at Rs21,581.