Mumbai: India’s gold futures was higher on Monday, with overseas markets boosted by fresh concerns about the financial system with U. brokerage Lehman Brothers expected to file for bankruptcy.
“Markets are expected to be on the higher side with the dollar substantially weaker,” said Aurobinda Prasad, senior technical analyst at Karvy Comtrade Ltd.
Foreign gold, that guide the local market, gained more than 2% as instability in the US financial markets boosted the safe haven appeal of precious metals.
The benchmark October gold was expected to trade within Rs11,550 per 10 grams to Rs11,800 rupees, said KN Rahaman, deputy research head at Way 2 Wealth Securities Ltd.
Open interest for October gold was at 11,034 lots, lower than 12,933 in the previous session. Volume on Saturday was at 3.19 kg.
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 10:42 am.