Mumbai: Indian gold futures were up on Thursday as overseas gold jumped to a one-week high with a soft dollar and surging crude oil heightening the yellow metal’s appeal as a hedge against inflation.
The metal was expected to consolidate until gross domestic product data in the US showed new direction to the market, said Kishore Narne, vice president - commodities, at Anand Rathi Commodities.
A weaker-than-expected GDP could revive fears of a recession that could raise gold prices further, analysts said.
April gold on the Multi Commodity Exchange of India Ltd was seen in the range of Rs12,250 to Rs12,500 per 10 grams, said Somnath Dey, incharge - metals and energy research at Religare Commodities Ltd.
Open interest for April gold on the MCX was at 5,292 lots, down from 5,468 on Wednesday. Volume the previous day was at 39.90 kg.