India gold futures up on weak dollar, firm crude

MUMBAI Fri May 16, 2008 11:33am IST

MUMBAI May 16 (Reuters) - India's gold futures were up on Friday extending the previous day's robust gains amid a weaker dollar and firm crude oil.

The trend for the day looked firm, analysts said.

"Continued buying can be seen in the initial session," said Harish Galipelli, head of research at Karvy Comtrade Ltd.

The dollar was weaker against other major international currencies as economic data raised concerns about growth in the U.S. while crude oil rebounded on thinning global supplies.

Gold prices generally have an inverse relation with the dollar as the two compete for investments. But it moves in tandem with oil as the latter signals inflation while gold is a good hedge against it.

The benchmark June gold on the Multi Commodity Exchange of India Ltd (MCX) is seen trading within 11,900 rupees to 12,200 rupees per 10 grams, said Rajini Panicker, head of research at MF Global Commodities India Ltd.

Open interest for June gold was at 8,703 lots, down from 8,863 on Thursday. Volume on the previous day was at 48.38 kg.

Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 11:29 a.m. <0#MAU:>:

Contract Current price Net change

===============================================

June 12,073 27

August 12,117 37

For a technical look at international spot gold, double click www.reutersindia.net/gold.htm)

(Reporting by Ruchira Singh; editing by Sunil Nair)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Economic Pulse

REUTERS SHOWCASE

Apple Result

Apple Result

Apple's iPhone sales beat Street but iPad volumes slide.  Full Article 

Nadella's Paycheck

Nadella's Paycheck

New Microsoft CEO Nadella's pay tops $80 mln with big stock awards.  Full Article 

Deregulation Impact

Deregulation Impact

Private fuel retailers to dip toe, not dive back, into India  Full Article 

Airport Accident

Airport Accident

Total CEO de Margerie killed in Moscow plane accident - airport spokeswoman.  Full Article 

Gold Import

Gold Import

RBI will not change gold import rules - sources  Full Article 

Idea Results

Idea Results

Idea Cellular Q2 profit up 69 percent  Full Article 

An RBI First

An RBI First

RBI releases minutes of financial stability council's Aug meet  Full Article 

IBM Earnings

IBM Earnings

IBM ditches 2015 operating EPS target, shares slump 7 pct  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage