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India’s gold futures down on stronger rupee

India’s gold futures down on stronger rupee
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First Published: Fri, Oct 17 2008. 12 54 PM IST
Updated: Fri, Oct 17 2008. 12 54 PM IST
Mumbai: India’s gold futures were down on Friday despite the metal trading higher overseas, as a stronger rupee against the dollar pushed down local prices.
Analysts saw a rebound ahead with bargain hunting likely in gold as well as silver after sharp falls a day ago.
“I don’t think it will be a bearish day today,” said Devarsh Vakil, manager - research, Anagram Capital Ltd.
Foreign gold that guides the local market bounced from a 1-month low, after crude oil rose and a rebound in equity markets eased worries of a global recession for the time being.
In the local market, a stronger rupee erased overseas gains as it made the dollar-priced gold imports cheaper.
The benchmark December gold on the Multi Commodity Exchange of India Ltd (MCX) was expected to be in a range of Rs12,610 per 10 grams and Rs13,089, said Dharmesh Bhatia, senior technical analyst at Kotak Commodity Services Ltd.
December silver on the MCX was expected to trade within Rs17,105 per kg and Rs17,660, he added.
December silver traded at Rs17,530 rupees.
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 11:08am.
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First Published: Fri, Oct 17 2008. 12 54 PM IST
More Topics: Indian Markets | Gold | Price | Economy | Rupee |