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Indian gold futures down amid firm dollar, weak crude

Indian gold futures down amid firm dollar, weak crude
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First Published: Tue, Jun 03 2008. 11 54 AM IST
Updated: Tue, Jun 03 2008. 11 54 AM IST
Mumbai: India’s gold futures were down slightly on Tuesday, 3 June, on the Multi Commodity Exchange of India Ltd (MCX) as the metal struggled to retain its gains overseas owing to a firm dollar and weaker crude oil.
Gold for delivery in June shed Rs45 to Rs12,245 per 10 grams at 10:50am on MCX, while the August contract lost Rs11 and was trading at Rs12,262.
In the local market, a weaker rupee limited gold’s falls. “Gold’s trend is sideways to up today,” said Harish Galipelli, head of research at Karvy Comtrade Ltd.
If the euro zone gross domestic product data expected later firmed up the euro against the dollar, gold could make a small rebound, he added.
Gold prices move largely in the opposite direction of the dollar as the two compete for funds.
The benchmark August contract on the MCX was likely to hover between Rs12,160 and Rs12,340 per 10 grams, said an analyst at Motilal Oswal Commodities Broker Pvt Ltd.
Open interest for the August gold on MCX was at 6,965 lots, up from 6,837 on Monday. Volume the previous day was at 36.90kg.
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First Published: Tue, Jun 03 2008. 11 54 AM IST
More Topics: Gold | Futures | MCX | Crude Oil | Motilal Oswal |