Active Stocks
Tue Mar 19 2024 12:50:50
  1. Tata Consultancy Services share price
  2. 4,020.85 -2.99%
  1. Tata Steel share price
  2. 150.10 0.33%
  1. Bharti Airtel share price
  2. 1,232.40 0.60%
  1. Power Grid Corporation Of India share price
  2. 260.05 -1.87%
  1. ITC share price
  2. 410.00 -1.77%
Business News/ Opinion / Online-views/  India gold futures fall tracking foreign markets
BackBack

India gold futures fall tracking foreign markets

India gold futures fall tracking foreign markets

Premium

Reuters

Mumbai: Indian gold futures softened on 13 July tracking a slight fall in the international market, but commodity brokerages said an upsurge could be expected again on the back of important economic data in the US.

“Gold is likely to build on yesterday’s upward move... the major reason is the weakness in the dollar," said Harish Galipelli, head of research at Karvy Comtrade Ltd.

Prices touched a 3-week high at Rs8,789 per 10 grams on 12 July as the dollar weakened overseas.

Galipelli said the August contract on the Multi Commodity Exchange of India Ltd had the potential to touch Rs8,810 per 10 grams.

Gold market players are expecting US retail sales and consumer sentiment data, the former being more important for its likely impact on the dollar. Another analyst at IL&FS Investsmart Commodities Ltd said local investors were expecting gold to strengthen further and therefore were in long positions.

The open interest for August gold was at 10,880 lots, up from 10,843 the previous day. Volume on 12 July was 26.60 kg.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 13 Jul 2007, 12:20 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App