Mumbai: Gold futures were up on 31 May tracking overseas markets where short covering ahead of key US data pushed the metal up, commodity brokerages said.
Overseas markets were firm as they waited for a second estimate of the first-quarter US GDP data that could impact the dollar, and in turn gold.
“It is looking bullish and could rise more after the US gross domestic product data is out,” said Tejas Parekh, senior research analyst at Motilal Oswal Commodities Broker Pvt. Ltd.
“If the GDP comes on the lower side, we could see weakness in the dollar and gold gaining more,” Parekh added.
Another analyst at Karvy Comtrade Ltd. said investors could buy the August contract on the Multi Commodity Exchange of India Ltd at Rs8,805 per 10 grams for a target of Rs8,850.