Gold futures down as strong rupee weighs

Gold futures down as strong rupee weighs
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First Published: Thu, Jul 02 2009. 11 15 AM IST
Updated: Thu, Jul 02 2009. 11 15 AM IST
Mumbai: India gold futures traded lower on Thursday pressured by a strong rupee locally, that makes the dollar-quoted asset cheaper, analysts said.
Traders are awaiting the US job report to gauge the health of the US economy, which will dictate moves in dollar and gold, which move against each other.
The most-active August contract was 0.24% lower at Rs14,514 per 10 grams at 11:15am, after having gained 0.7% in the previous session, when a weak global dollar supported the metal.
“It is going to trade sideways and would await US job report for direction,” said Aurobinda Prasad, deputy manager-research with Karvy Comtrade.
Gold may trade in the range of Rs14,450-14,620, Abhishek Chauhan, technical analyst, Angel Commodities.
Open interest for August gold on MCX was at 12,868 lots, down from 12,924 a day earlier. Volume on Wednesday was 35.42 kg.
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First Published: Thu, Jul 02 2009. 11 15 AM IST
More Topics: Markets | India | Gold | Commodity | Rupee |