Gold futures snap six-day losing streak

Gold futures snap six-day losing streak

Mumbai: India gold futures edged higher on Friday, snapping a six-day losing streak on bargain-buying and a steady dollar, analysts said.

The most-traded February gold contract on the Multi Commodity Exchange (MCX) was 0.60% higher at Rs17,180 per 10 grams at 10:59am. The contract had shed 6.1% in the previous six sessions.

“Gold may see some upside till Rs17,300 on bargain buying at support levels," said Pranav Mer, an analyst with India Infoline in Mumbai.

The dollar index was steady against a basket of major currencies.

Buying could be initiated at Rs17,150, with a target of Rs17,300 and a stop loss of Rs17,090, said Mer.

Open interest for February gold on MCX was at 16,148 lots, down from 16,220 a day earlier.

Gold is likely to trade in the range of Rs17,000-17,200, said Aurobinda Prasad, head of research, Karvy Comtrade.