Mumbai: Indian gold futures were down on Monday, 10 September, following foreign markets that gave up some of their sharp gains from last week and analysts said the metal may ease further during the day.
“Though the bullishness is intact, the buying momentum is showing signs of waning,” said Pradeep Unni, assistant vice-president, Vision Commodities Services DMCC.
“The trend for the day is skewed to the downside,” he added.
Gold for October delivery lost Rs16 to trade at Rs9,244 on the Multi Commodity Exchange of India Ltd (MCX) at 11:16 am. December gold was trading Rs11 down at Rs9,355.
International spot gold eased but remained within sight of its 16-month high hit last week that saw the metal rise past the psychological mark of $700 an ounce on a surge of buying.
Another analyst at IL&FS Investsmart Commodities Ltd. held the same view citing the fall in global stocks as a reason for gold to ease further.
The IL&FS analyst said the benchmark October contract on the Multi Commodity Exchange of India Ltd. (MCX) may find support at Rs9,210-9,220 per 10 grams.