Gold futures inch up on global cues

Gold futures inch up on global cues

Mumbai: India’s gold futures were slightly higher in early trade on Thursday trade tracking international cues, though a firm rupee limited gains, analysts said.

International gold prices inched up closer to $1,100 per ounce on Thursday as a recent drop to seven-week lows spurred some bargain hunting in a holiday-thinned market.

At 10:39am, the benchmark February gold on the MCX was 0.32% lower at Rs16,685 per 10 grams.

“MCX gold futures were higher in line with international markets," said an analyst with Karvy Comtrade Ltd.

The Indian rupee gained on Thursday in line with regional peers and tracking gains in other Asian shares, with traders eyeing the local stocks open after they rose to their highest close since mid-October.

Gold traders track rupee movements as a weak rupee makes the dollar denominated imported commodity expensive, while a strong rupee makes the commodity cheaper.