Gold futures up on global cue

Gold futures up on global cue

Mumbai: Indian gold futures rose on Thursday in tandem with foreign markets where firm energy prices and Asian physical demand set in a bullish mood, commodity brokerages said.

“We see the positive sentiments staying (today)," said an analyst at IL&FS Investsmart Commodities Ltd.

The analyst said the market may take cues from two important meetings at the Bank of England and European Central Bank on interest rates.

Rates are likely to be kept unchanged by both central banks, but any hints on future revisions may affect the dollar that may in turn affect gold. Usually, gold has an inverse relation with the dollar.

Another analyst at Sharekhan Commodities Pvt. Ltd. said the October contract on Multi Commodity Exchange of India Ltd. (MCX) could test Rs9,100 per 10 grams.

Open interest of October gold was at 10,199 lots, up from 10,194 on Wednesday. Volume on the previous day was 16.121 kg.

Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 11:35 a.m.