Mumbai: India’s gold futures were down on Tuesday, 14 October, with a stronger rupee erasing the metal’s gains in the overseas markets.
Gold for delivery in December lost Rs94 to Rs12,974 per 10 grams on the Multi Commodity Exchange of India Ltd (MCX), a little before 11:00am. The February contract shed Rs108 to Rs13,055.
“Gold is not looking very bearish, it could remain sideways to down,” said an analyst at Motilal Oswal Commodities Broker Ltd. Foreign gold that guides the local market gained more than 2 percent on high oil prices and a firmer euro, but a rally in stock markets had the potential to cap its gains, analysts said.
In the local markets the rupee rose more than 1% against the dollar as stocks rallied, raising hopes of capital inflows.
The benchmark December gold on the Multi Commodity Exchange of India Ltd (MCX) was expected to trade between Rs12,910 per 10 grams and Rs13,280, the Motilal Oswal analyst said.
December silver on the MCX was expected to trade between Rs18,700 a kg and Rs19,450, the analyst added.
December silver traded at Rs18,720.