Mumbai: Indian gold futures were up on Thursday tracking foreign markets where Middle East tensions kept gold firm amid an uncertain outlook, analysts said.
Overseas gold tracked crude oil prices, that fell after rallying to a six-month high this week, on geo-political tensions following the capture of 15 British sailors and marines by Iran.
“This is not a day for trading,” said Ashish Karel, research analyst at Man Financial Commodities India Pvt. Ltd. “We are expecting the market to be rangebound or choppy.”
Karel said future price moves would depend on how events unfold in the Gulf as well as the outcome of the U.S. economic indicators including the gross domestic product numbers.
April gold on the Multi Commodity Exchange of India Ltd. (MCX) had an open interest of 8,127 lots, down from 8,537 lots the previous day. Volumes on Wednesday was at 19.58 kg.
At 11 am on the MCX today, prices for gold futures for April stood at Rs9,372 per 10 grams.