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India gold futures edge lower as rupee weighs
A salesman poses with a gold necklace at a jewellery shop in Jammu in this July 11, 2008 file photo.
Credit: Reuters/Amit Gupta/Files
MUMBAI |
MUMBAI (Reuters) - India gold futures edged lower on Friday weighed by a strong rupee locally, making the imported yellow metal cheaper, analysts said.
The most active August contract was 0.13 percent lower at 14,462 rupees per 10 grams at 11:20 a.m., after hitting a low of 14,436 rupees in early deals.
The Indian rupee extended gains for a second day on Friday and traders said they would be watching quarterly earnings of companies for cues on economic outlook.
"The Indian rupee is pressuring prices," said Kunal Shah, assistant vice-president, Nirmal Bang Commodities. "Trade is likely to remain lacklustre."
Gold may be in the range 14,440-14,550 rupees, said Aurobinda Prasad, deputy manager-research with Karvy Comtrade.
Open interest for August gold on MCX was at 12,724 lots, up from 12,632 a day earlier. Volume on Thursday was 26.18 kg.
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