Indian gold traded a tad lower on Friday, still near the lowest level in ten months, weighed by a stronger rupee, with traders waiting for the US job data for direction in prices before stocking for weddings.
Emkay Commodity Research has come out with its report on precious metals, base metals and energy. According to the research firm, Gold in India is expected to follow international prices and a stronger rupee would further weaken the prices.
Nick Parsons of National Australia Bank explains to CNBC-TV18 that the rally in the European markets is not over yet and that a stronger rupee could boost the Sensex which is within striking distance of the year's high of 18,520.
India gold futures eased a tad from their record high on Friday afternoon following foreign markets and a stronger rupee, and physical buying retreated as traders sought lower prices to stock for the next week's festival and weddings, dealers said.
Indian gold edged up on Wednesday evening tailing firm overseas markets, but a stronger rupee capped the upside, analysts and traders said.