Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Opinion / Online-views/  India gold futures down as crude, dollar weigh
BackBack

India gold futures down as crude, dollar weigh

India gold futures down as crude, dollar weigh

Premium

Mumbai: Indian gold futures were down on Monday as weaker crude oil and a slightly firmer dollar eased inflationary fears that usually prop up precious metals.

“It is a correction from its all-time highs triggered by a weaker crude oil, easing inflationary concerns, US’s measures to boost liquidity in the system," said Somnath Dey, incharge - metals and energy research, at Religare Commodities Ltd.

Overseas gold, which guides the Indian market, was slightly higher on bargain hunting, but easing crude oil prices, after the restart of a crude pipeline system in Iraq, eased supply fears.

Gold is down 9% from its record high level of $1,030.80 an ounce on 17 March.

The June gold contract on the Multi Commodity Exchange of India Ltd was seen finding support at Rs11,985 per 10 grams and resistance at Rs12,110, said Kunal Shah, analyst at Motilal Oswal Commodities Broker Pvt Ltd.

Open interest for June gold was at 4,167 lots, up from 4,085 on Saturday. Volume on the previous session was at 713 grams.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 31 Mar 2008, 10:51 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App