Published on Fri, Nov 27, 2009 at 13:18 | Source : Reuters
Updated at Mon, Nov 30, 2009 at 16:10
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India gold futures edge lower on profit-taking
India gold futures edged lower on Friday, but still hovered near-their record highs, weighed by profit-taking after gaining 7% since last week, analysts said.
India gold futures edged lower on Friday, but still hovered near-their record highs, weighed by profit-taking after gaining 7% since last week, analysts said.
The most-traded gold contract on the Multi Commodity Exchange was 0.38 percent lower at 17,930 rupees per 10 grams at 10:49 a.m., after hitting a record high of 18,047 rupees in the previous session.
However, analysts maintain a bullish bias on the yellow metal on recent weakness in dollar and the central bank's intention to diversify into the yellow metal.
"We still have a bullish view on gold, range expected is 17,900-18,200 rupees," said Aurobinda Prasad, head of research, Karvy Comtrade.
"Gold may target 18,100/18,120 later today," said Gnanasekar Thiagarajan, director, Commtrendz Research.
Open interest for December gold on MCX was at 14,303 lots, down from 14,518 a day earlier.
India gold futures edged lower on Friday, but still hovered near-their record highs, weighed by profit-taking after gaining 7% since last week, analysts said.
