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India gold eases on profit-booking

India gold eases on profit-booking
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First Published: Wed, Jan 21 2009. 11 30 AM IST
Updated: Wed, Jan 21 2009. 11 30 AM IST
Mumbai: India’s gold futures eased on Wednesday, after rising to its strongest level in more than two weeks, as investors resorted to profit-taking.
Analysts said gold prices could recover to resume its uptrend as it has breached a key resistance level and may even rise above Rs14,000 per 10 grams in the near-term.
The benchmark gold February contract traded Rs44 lower at Rs13,449 per 10 grams at 11.34am, after gaining about 3% the previous day.
“Gold has broken a trend channel of Rs12,560-13,120,” said Harish Galipelli, head of research with Hyderabad-based Karvy Comtrade, adding technical buying could emerge in gold.
“We are bullish till 14,200 as it has made two bottoms at 12,700,” said a technical analyst with a Mumbai-based commodity brokerage.
MCX gold on the continuous charts had touched a historical high of Rs14,320 on 10 October 2008, after investors sought the safe-haven asset amid a global financial turmoil.
Open interest for February gold on MCX was at 16,930 lots, down from 17,626 a day earlier. Volume on Tuesday was 90.5 kgs.
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First Published: Wed, Jan 21 2009. 11 30 AM IST