India gold, silver seen rising this week
MUMBAI (Reuters) - India gold futures are likely to rise this week on expectations of global dollar weakness and higher crude oil prices, analysts said.
The most-active gold for April delivery on the Multi Commodity Exchange (MCX) was trading 0.42 percent higher at 28,275 rupees per 10 grams on Tuesday.
Buying is advised in gold on dips to 28,050 rupees, for a target of 28,500 rupees, said Gnanasekar Thiagarajan, director with Commtrendz Research.
"Higher crude oil prices and a weaker dollar are supportive for the precious metals complex," said Thiagarajan.
Dollar and gold often move in opposite direction as the two compete for funds as alternative assets.
The euro held onto gains on Tuesday due to relief over Greece's securing of a rescue deal to avoid a chaotic default, but sceptical investors were looking to sell into a bounce on doubts whether it makes the country's debt burden any more manageable.
Silver could also extend gains this week following the yellow metal.
"Buy silver on dips to 55,900 rupees for a target of 57,500 rupees," said Thiagarajan.
Silver for March delivery on the MCX on the MCX was 0.43 percent higher at 56,560 rupees per kg.
(Reporting by Siddesh Mayenkar; Editing by Subhadip Sircar)
- Tweet this
- Share this
- Digg this
- Ukraine says pro-Russia rebels shoot down two fighter jets
- South Korea ferry fugitive hid behind cabin wall, bags of cash at hand
- U.N.'s Pillay says Israel may be committing war crimes
- Jet Airways chairman says looking to restructure debts, talking to bankers
- China's Xiaomi hopes Mi 4 smartphone can take on Apple
India will not support a trade facilitation protocol ahead of a July 31 deadline unless its concerns about subsidies are met, two senior government officials said on Wednesday, sticking to a hard line critics say could derail a landmark global trade deal. Full Article
Bullish on Indian equities, but gains seen 'less sharp'- Goldman Sachs Full Article
Jet Airways chairman says looking to restructure debts, talking to bankers Full Article
Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec Full Article
Five held in China food scandal probe, including head of Shanghai Husi Food Full Article