India gold futures fall on profit taking

India gold futures fall on profit taking
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First Published: Tue, Oct 07 2008. 11 59 AM IST
Updated: Tue, Oct 07 2008. 11 59 AM IST
Reuters
Mumbai: India’s gold futures fell on profit taking on Tuesday, bucking the trend overseas, and analysts had mixed views on the future direction of the market.
“I will be surprised if gold trades higher today,” said Devarsh Vakil, manager - research at Anagram Capital Ltd.
“There could be more profit taking... it has to consolidate before it can rise again.”
Foreign gold, that guides the local market, was up by nearly 1% as investors sought safe havens after stock markets worldwide dropped on growing fears about the global economy.
Another analyst saw the trend as sideways-to-bullish during the day.
“With the international indices weak, gold may rise,” said Subodh Gupta, analyst at Anand Rathi Commodities.
Gupta said silver may stay weak taking cues from base metals.
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First Published: Tue, Oct 07 2008. 11 59 AM IST
More Topics: Stock markets | India | Gold | Silver | Money Matters |