Gold futures seen in range of 31,600-32,850 rupees: India Infoline
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)
- Tweet this
- Share this
- Digg this
- U.S. drug regulator approves headband device to prevent migraines
- Malaysia military source says missing jet veered to west
- UPDATE 3-Republican Party wins Florida congressional seat in special election
- Wild theories fill void left by missing Malaysian plane
- When Zach met Barack: pitching Obamacare online
Consumer inflation and industrial output data on Wednesday will likely offer little evidence of a respite from high inflation and weak economic growth before a general election that begins next month. Full Article
India halts plan to join global bond indexes, defers Euroclear - sources. Full Article
EXCLUSIVE - India to slash Iran oil imports to meet nuclear deal parameters: sources. Full Article