Gold reclaims Rs17,000 mark

Gold reclaims Rs17,000 mark

Mumbai: India gold futures revisited the psychological Rs17,000 mark as a weaker dollar overseas enhanced the yellow metal’s appeal as an alternative investment, analysts said.

The most-traded gold February contract on the Multi Commodity Exchange (MCX) was 0.66% higher at Rs17,012, after hitting a high of Rs17,039, a level last seen on 21 December.

“Euro has gained, and is supporting gold, range for the day would 16,900-17,100," said Aurobinda Prasad, head of research, Karvy Comtrade.

The US dollar fell, extending its biggest loss in six weeks on Friday after US jobs data disappointed. The dollar index, a gauge of its value against a basket of currencies, fell 0.6%.

Buying could be done at Rs16,980, with a target of Rs17,050/17,100, with a stop loss of Rs16,935, said Murukesh Kumar, an analyst with JRG Wealth Management.

Open interest for February gold on MCX was at 16,885 lots, down from 17,224 a day earlier.