Gold futures fall on stronger rupee
Gold futures fall on stronger rupee
Gold futures dropped on Friday on the Multi Commodity Exchange of India Ltd (MCX) supported by a stronger rupee and softer foreign markets, reports Economic Times.
`For today gold may fall, but its (near-term) bullish trend may continue,` said an analyst at Motilal Oswal Commodities Broker. Foreign gold rose slightly after a plunge to a one-week low on the previous day as tensions in the Middle East lent support to the metal.
A stronger rupee helped push gold down locally as most of the yellow metal is imported and paid for in dollars. The benchmark August gold on the MCX was seen testing 13,300 rupees per 10 grams and finding support at Rs 13,200, said Aurobinda Prasad, technical analyst at Karvy Comtrade. Open interest for August gold was at 8,746 lots, lower than 9,223 on Thursday.
Volume on the previous day was at 80.37 kg. Silver was also seen correcting during the day in line with gold, analysts said.
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07-18-2008, 01:38 PM
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