Indian gold futures up on firm overseas mkt, crude

Indian gold futures up on firm overseas mkt, crude


Mumbai: Indian gold futures rose on Monday, 19 November, tracking firm overseas markets and also fuelled by higher crude oil prices, analysts said.

Gold for December delivery was up Rs6 at Rs10,049 per 10 grams on the Multi Commodity Exchange of India Ltd. at 11:25am. The February contract gained Rs7 at Rs10,137.

“Oil prices have gone up and global markets are firm...all these factors are pushing up prices here," said Shailendra Kumar, head, research, Sharekhan Commodities Pvt Ltd.

However, in absence of major economic indicators, traders would be closely watching currencies for further developments into bullion markets, he said.

Overseas gold bounced back on Monday, on the back of a slide in the dollar and firm crude oil prices, but the precious metal lacked the drive to challenge the $800 level.

The overseas spot gold hit a 28-year high of $845.40 on Nov. 7, just below its all-time high of $850 set in January 1980.

The December contract is expected to trade in the range of Rs9,960-10,190, said Debjyoti Chatterjee, associate vice president at Mape Admisi Commodity Research.

Open interest for December gold on MCX was at 9,644 lots, up from 9,569 the previous session. Volume on Saturday was 976 grams.