India gold futures down, profit-taking to continue

India gold futures down, profit-taking to continue
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First Published: Fri, Mar 28 2008. 11 29 AM IST
Updated: Fri, Mar 28 2008. 11 29 AM IST
Mumbai: India’s gold futures fell on Friday tracking overseas markets, which were lower on profit-taking triggered by easing crude oil and book-squaring, analysts said.
Profit-taking could be expected to continue during the day with the weekend and the financial year closing on Monday, that could keep gold soft, analysts said.
“There are huge long positions still... today being the weekend session ahead of expiry, some profit-booking or liquidation could take place,” said Kishore Narne, vice president - commodities at Anand Rathi Commodities.
Economic data from the US, including personal income and spending and consumer sentiment, would be watched closely later in the day for its impact on the dollar, and thus, gold, analysts said. The April gold futures on the Multi Commodities Exchange (MCX) of India is likely to find support at Rs12,175 per 10 grams and resistance at Rs12,320, an analyst at Motilal Oswal Commodities Broker Pvt Ltd said.
The open interest for April gold on MCX was at 4,970 lots, down from 5,056 on Thursday. Volume on the previous day was at 35.24 kg.
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First Published: Fri, Mar 28 2008. 11 29 AM IST
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