Indian gold futures up on bargain hunting, firm crude

Indian gold futures up on bargain hunting, firm crude
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First Published: Mon, May 05 2008. 11 42 AM IST
Updated: Mon, May 05 2008. 11 42 AM IST
Mumbai: Indian gold futures were higher on the Multi Commodity Exchange of India Ltd (MCX) on Monday, 5 May, as overseas markets bounced on bargain-hunting.
At around 10:20am, gold for June delivery was up Rs37 to Rs11,344 per 10 grams on MCX. The August also contract also gained Rs37 and was trading at Rs11,394.
“It’s a minor bounce back... thereafter, we see selling pressure coming in,” said K.N. Rahaman, deputy research head at Way 2 Wealth Securities Ltd.
Easing of tensions surrounding the health of the US economy with favourable data and a rate cut, pushed gold to four-month lows last week as dimming financial uncertainty reduced the yellow metal’s appeal as a safe haven.
June gold on the MCX is seen within Rs11,410 per 10 grams and Rs11,290, said Kunal Shah, analyst at Motilal Oswal Commodities Broker Pvt Ltd.
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First Published: Mon, May 05 2008. 11 42 AM IST