Mumbai: India’s gold futures were little changed on Thursday, 24 April, as the dollar strengthened and crude oil eased, making investors step back and wait for new direction, dealers said.
Gold for delivery in June was down Rs6 at Rs11,734 per 10 grams at around 11:00am on the Multi Commodity Exchange of india Ltd (MCX). August gold shed Rs4 to Rs11,786.
“If this correction in crude oil and recovery in the dollar continues, gold can be under pressure,” said Debjyoti Chatterjee, associate vice president at MAPE ADMISI Commodity Research.
Weekly jobless claims and new home sales data expected in the US could provide fresh direction to the dollar and subsequently gold, analysts said.
Gold generally has an inverse relation with the dollar while it moves in tandem with crude oil.
The benchmark June gold on the Multi Commodity Exchange of India Ltd (MCX) is likely to find support at Rs11,620 per 10 grams and resistance at Rs11,890, said Amar Singh, head of commodity research at Angel Commodities Broking Pvt Ltd.
Open interest for June gold was at 7,609 lots, up from 7,476 on the previous day. Volume on Wednesday was at 41.46 kg.