Gold lower on overseas cues, strong rupee

Gold lower on overseas cues, strong rupee
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First Published: Wed, May 27 2009. 12 16 PM IST
Updated: Wed, May 27 2009. 12 16 PM IST
Mumbai: India’s gold futures edged lower on Wednesday, tracking weak international markets and a strong rupee that makes the dollar-quoted metal cheaper, analysts said.
The Indian rupee strengthened on Wednesday, snapping a two-day fall, as gains in regional share markets fuelled hopes for capital flows into local shares. But month-end dollar demand is likely to limit a sharp rise.
Overseas gold inched down on Wednesday to slip below $950 as firm stock markets continued to dull some of bullion’s sheen, although traders kept a cautious eye on the fate of General Motors Corp, for its impact on equities.
“Bullion prices are expected to trade sideways to lower,” said an analyst with Karvy Comtrade Ltd.
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First Published: Wed, May 27 2009. 12 16 PM IST
More Topics: Markets | India | Commodity | Gold | Bullion |