Indian gold futures down on stronger rupee

Indian gold futures down on stronger rupee

Mumbai: India’s gold futures were down on the Multi Commodity Exchange of India Ltd (MCX) on 13 October, with a stronger rupee negating overseas gains, analysts said.

The precious metal for delivery in December lost Rs69 to Rs13,378 per 10 grams on the MCX at around 11am, while the February contract shed Rs68 to Rs13,460.

“Some follow-through selling can be expected especially after last week’s all-time highs," said Harish Galipelli, head of research at Karvy Comtrade Ltd.

Overseas gold that guides the local market was higher on continued safe-haven buying amid a global financial crisis that raised the value of the yellow metal.

In the local market a stronger rupee helped by gains in the stock market erased some of the metal’s overseas gains.

The benchmark December gold is expected to trade within Rs13,400-13,800 per 10 grams, said Somnath Dey, head-metals and energy research at Religare Commodities Ltd.

December silver on MCX is seen trading within Rs18,000-18,600 a kg, Dey added.

December silver traded at Rs18,362.