India gold edges higher; ECB decision, US data eyed
Published on Thu, Jan 14, 2010 at 18:52 | Source : Reuters
Updated at Thu, Jan 14, 2010 at 19:04
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India gold edges higher; ECB decision, US data eyed
India gold futures edged higher on Thursday helped by a weaker dollar overseas and investors awaited the European Central Bank's policy decision along with US retail sales and jobless claims for direction.
India gold futures edged higher on Thursday helped by a weaker dollar overseas and investors awaited the European Central Bank's policy decision along with US retail sales and jobless claims for direction.
The most-traded February gold contract on the Multi Commodity Exchange was 0.43% higher at Rs 16,866 per 10 grams at 11:00 a.m.
"Gold would be supported by the dollar in early trade and further moves would be on the basis of data," said Aurobinda Prasad, head of research, Karvy Comtrade.
The dollar index was 0.06% lower at 76.801 at 11:00 a.m. A weak dollar enhances the yellow metal's appeal as an alternative investment.
The European Central Bank is set to start 2010 by flagging that interest rates will remain at a record low of 1.0% for some time, casting the bank's view on Greece's current debt troubles into the spotlight.
Open interest for February gold on MCX was at 16,417 lots, down from 17,529 a day earlier.
India gold futures edged higher on Thursday helped by a weaker dollar overseas and investors awaited the European Central Bank's policy decision along with US retail sales and jobless claims for direction.
