Mumbai: India’s gold futures were down on Wednesday tracking falls overseas. Analysts have projected further fall as they saw the metal consolidating before resuming its bullish trend.
“It is likely to consolidate before aiming for $830 an ounce again by the weekend,” said Shailendra Kumar, head of research at Sharekhan Commodities Pvt Ltd.
The fall in crude oil prices on expectations of a rise in Opec production has dragged down gold, but the metal could start to climb again on a weak outlook for the dollar, said analysts.
International spot gold was at $806.50 an ounce, down from the previous day and down over 4% from its 28-year high at $845.40 an ounce early November.
Analysts at Emkay Commotrade Ltd said that on the Multi Commodity Exchange of India Ltd, gold could hover in the range of Rs10,230-10,380 per 10 grams, with a bigger possibility of seeing the downside.