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India gold futures rise on record high crude

India gold futures rise on record high crude
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First Published: Mon, Apr 28 2008. 12 16 PM IST
Updated: Mon, Apr 28 2008. 12 16 PM IST
Mumbai: India’s gold futures were higher on Monday, 28 April, tracking a record high crude oil that sparked off some fresh buying in the metal, and analysts said it could see moderate upsides during the day.
The June contract was up Rs69 to Rs11,620 per ten grams at around 11:00am on the Multi Commodity Exchange of India (MCX). August gold gained Rs72 to Rs11,674.
“The only trigger we have today is crude oil that may hold prices firm,” said Somnath Dey, incharge, metals and energy research at Religare Commodities Ltd.
Gold generally moves in tandem with crude oil as the latter signals inflation while the yellow metal is a hedge against it. But gains in the metal may remain subdued ahead of the US Federal Open Market Committee’s meeting that is set to review interest rates on Wednesday, analysts said.
If the dollar softens after the announcement, gold may get a leg up as it generally competes against the currency for investment, the analysts said.
The benchmark June gold on the Multi Commodity Exchange of India Ltd (MCX) is likely to find support at 11,500 rupees per 10 grams and resistance at 11,700 rupees, Dey said.
Open interest for June gold was 7,826 lots, down from 8,047 on Saturday. Volume in the previous session was at 1.18 kg.
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 11:06 a.m. <0#MAU:>:
Contract Current price Net change
===============================================
June 11,620 69
August 11,674 72
For a technical look at international spot gold, double click www.reutersindia.net/gold.htm)
(Reporting by Ruchira Singh; Editing by Sunil Nair) REUTERS
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First Published: Mon, Apr 28 2008. 12 16 PM IST