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Stronger rupee caps gold futures gains

Stronger rupee caps gold futures gains
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First Published: Mon, Jun 18 2007. 12 58 PM IST
Updated: Mon, Jun 18 2007. 12 58 PM IST
Mumbai: Indian gold futures were up on 18 June following a rally overseas, but a stronger rupee capped some of the gains, commodity brokerages said.
“People are expecting bigger rallies, but it isn’t so,” said Pranith Tunguri, senior analyst, Indiabulls Commodities Pvt. Ltd. “So, mainly short-term investors are there in the market.”
Tejas Parekh, senior research analyst, Motilal Oswal Commodities Broker Pvt. Ltd., recommended buying August gold on Multi Commodity Exchange of India Ltd at Rs8,797 per 10 grams for a target of Rs8,840.
Open interest for August gold on MCX rose to 11,982 lots, from 11,904 lots in the previous session. Volume on Saturday was at 779 grams.
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd at 10:40am.
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First Published: Mon, Jun 18 2007. 12 58 PM IST