Mumbai: Indian gold futures rebounded on Tuesday after dropping to nearly a week’s low the previous day as the positive trend in the yellow metal drew funds at every dip, analysts said.
“Gold can make a new high this week,” said K.N. Rahaman, senior analyst at Way 2 Wealth Securities Ltd.
On Thursday, local gold futures surged past Rs11,000 per 10 grams to touch an all-time high a little above the level as concerns over economic growth in the US, firm oil prices and geopolitical tensions gave investors reason to buy the metal.
“I think it is targeting 11,000 again (today),” said Debjyoti Chatterjee, associate vice president at MAPE ADMISI Commodity Research.
Support for the February contract on the Multi Commodity Exchange of India Ltd was seen at Rs10,850, Chatterjee added.
Open interest for February gold on MCX was at 14,254 lots, up from 14,106 the previous day. Volume on Monday was at 43.27 kg.