India gold futures steady on weak crude, rupee
Friday, 28 August 2009
MUMBAI, Aug 27 (Reuters): India gold futures were steady Thursday morning as pressure from falling crude was offset by a weak rupee, analysts said.
The most-traded gold October contract MAUV9 was 0.14 per cent lower at 15,011 rupees per 10 grams at 11:17 p.m.
US crude futures extended losses on the back of government and industry data, which showed an unexpected rise in US crude inventories.
Falling crude oil dims the yellow metal's appeal as a hedge against oil-led inflation.
The Indian rupee dropped to one-and-half month lows early as month-end dollar demand from importers and a weak start to the domestic share market weighed on sentiment. A weak rupee makes the dollar-quoted asset expensive.
"Gold should be trading sideways and may trade in the same range of 14,900-15,050 rupees. It would await for fresh leads," said Tejas Seth, a senior research analyst with SMC Global.
Gold may trade in the range of 14,925-15,060 rupees, said Kunal Shah, assistant vice-president with Nirmal Bang Commodities.
Open interest for October gold on MCX was at 14,775 lots, down from 14,773 a day earlier. Volume on Wednesday was 7.06 kg.
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 11:17 a.m.
The most-traded gold October contract MAUV9 was 0.14 per cent lower at 15,011 rupees per 10 grams at 11:17 p.m.
US crude futures extended losses on the back of government and industry data, which showed an unexpected rise in US crude inventories.
Falling crude oil dims the yellow metal's appeal as a hedge against oil-led inflation.
The Indian rupee dropped to one-and-half month lows early as month-end dollar demand from importers and a weak start to the domestic share market weighed on sentiment. A weak rupee makes the dollar-quoted asset expensive.
"Gold should be trading sideways and may trade in the same range of 14,900-15,050 rupees. It would await for fresh leads," said Tejas Seth, a senior research analyst with SMC Global.
Gold may trade in the range of 14,925-15,060 rupees, said Kunal Shah, assistant vice-president with Nirmal Bang Commodities.
Open interest for October gold on MCX was at 14,775 lots, down from 14,773 a day earlier. Volume on Wednesday was 7.06 kg.
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 11:17 a.m.