Gold futures trade almost steady

Gold futures trade almost steady
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First Published: Fri, Oct 30 2009. 11 01 AM IST
Updated: Fri, Oct 30 2009. 11 01 AM IST
Mumbai: India gold futures were nearly flat with a positive bias on Friday as weak overseas dollar enhanced the yellow metal’s appeal as an alternative investment.
A strong rupee also weighed on the yellow metal, they added.
The most-traded December gold contract on the Multi Commodity Exchange was 0.10% higher at Rs15,955 per 10 grams at 10:58am.
The contract is still about 1% lower from its all-time high of 16,066 rupees, struck on 23 October.
The dollar took a break from its fall after hitting 14-month lows against the euro this week. But the prospect of US interest rates staying very low into next year kept alive selling pressure on the dollar.
“We would be on the buying side in gold today. Buying could be initiated at 15,910 (rupees), with a stop loss below 15,880 (rupees) and a target of 16,000 rupees,” said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.
Gold may trade in the range Rs15,860-16,100, said Tejas Seth, an analyst with SMC Global.
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First Published: Fri, Oct 30 2009. 11 01 AM IST
More Topics: Markets | India | Gold | Commodity | Bullion |