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India gold futures down on stronger rupee

India gold futures down on stronger rupee
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First Published: Wed, Jun 04 2008. 02 24 PM IST
Updated: Wed, Jun 04 2008. 02 24 PM IST
Reuters
Mumbai: India’s gold futures were down with overseas markets stable, after giving up almost 1% the previous day on a strengthening dollar, analysts said.
The trend for the day was sideways to down, the analysts added.
“Gold is not heavily bullish, or heavily bearish either,” said Kishore Narne, vice president, commodities, at Anand Rathi Commodities.
A stronger rupee at home accentuated gold’s fall, as most of India’s gold is imported and paid for in the US currency.
In the overseas market, gold was unable to keep its gains after the US Fed Reserve chief Ben Bernanke issued an explicit warning about the inflationary threat from a weak currency.
“The bias has turned bearish with Mr Bernanke’s remarks... he hinted of halting interest rate cuts,” Harish Galipelli, head of research at Karvy Comtrade Ltd, said.
August gold on the Multi Commodity Exchange of India (MCX) was seen in a range between Rs11,785 and Rs12,270 per 10 grams, Narne said.
Open interest for August gold was at 7,469 lots, up from 7,342 the previous day. Volume on Tuesday was 36.10 kg.
The futures contract for August were trading at Rs12,116 down by Rs 46 and the contracts for October were trading at Rs12,162 down by Rs 39 per 10 grams on the MCX at 11:31 am
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First Published: Wed, Jun 04 2008. 02 24 PM IST
More Topics: Gold | Commodities | Markets | Rupee | Futures |