Gold futures seen in range of 31,600-32,850 rupees: India Infoline

Fri Nov 30, 2012 4:17pm IST

A salesman displays gold ornaments at a jewellery showroom in Chandigarh June 8, 2010. REUTERS/Ajay Verma/Files

A salesman displays gold ornaments at a jewellery showroom in Chandigarh June 8, 2010.

Credit: Reuters/Ajay Verma/Files

Related Topics

REUTERS - Brokerage India Infoline expects a trading range of 31,600-32,850 rupees for gold on the Multi Commodity Exchange, it said in a report.

Gold could move in the range of $1,700-1,790 an ounce till the year end, according to the broker, as the market has been roiled by conflicting comments from Washington about the U.S. budget negotiations.

Global gold has recovered from a 1-1/2-week low of $1,705.64 an ounce hit on Wednesday, but it has been unable to break a strong resistance at $1,730 an ounce. Top U.S. Republican lawmaker John Boehner said on Thursday that the talks had made little progress, after expressing optimism about reaching a deal with the White House just a day earlier.

The brokerage has a buy recommendation for the MCX February contract at 31,700 rupees, for a target of 32,200 rupees with a stop loss of 31,400 rupees.

(Reporting by Siddesh Mayenkar)

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

  • Most Popular
  • Most Shared

India Economy

REUTERS SHOWCASE

Reliance Projects

Reliance Projects

Exclusive: Reliance plans $13 billion projects including new refinery.  Full Article 

Chopper Deal

Chopper Deal

India nears $2.5 billion deal for Boeing military helicopters.  Full Article 

Coal Scam

Coal Scam

CBI drops coal scam case against Kumar Mangalam Birla.  Full Article 

Low Stocks

Low Stocks

Indian power station coal stocks lowest since 2012 blackouts.  Full Article 

Markets This Month

Markets This Month

Tata Motors, M&M top Sensex gainers  Full Article 

Google Drones

Google Drones

Google is testing unmanned drones to deliver anything from dog food to medicine.  Video 

#RiceBucketChallenge

#RiceBucketChallenge

In India, rice replaces ice in bucket challenge.  Full Article 

Reuters India Mobile

Reuters India Mobile

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