BackIndia gold slightly lower tailing overseas markets
India gold slightly lower tailing overseas markets
PremiumMumbai: India’s gold futures traded a tad lower on Friday in line with international markets, weighed down by growing investor risk appetite, analysts said.
The benchmark April contract was 0.37% lower at Rs15,182 per 10 grams at 11:24am, falling from an intra-day high of Rs15,225.
Comex gold for April delivery was 0.69% lower at $933.5 an ounce.
Analysts said gold may consolidate from now on, following a similar trend in euro against the dollar.
Gold is often viewed as an alternative to holding the dollar.
“It is still in a range and may consolidate in the range of 15,073-15,247 for the day," added Thiagarajan.
“Its a sideways play, but the bias is still positive on lingering economic uncertainties," said Vikas Vaid, an associate vice president with Asit C Mehta Commodity Services.
Gold’s range is between Rs15,000-15,500 added Vaid.
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