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:
  • Most Popular
  • Most Shared

DEFENCE

REUTERS SHOWCASE

Power Theft

Power Theft

India to invest $4 billion to tackle power theft  Full Article 

Debt Funds

Debt Funds

India monitors foreign flows into debt funds, may tighten rules  Full Article 

Bulgari Back in India

Bulgari Back in India

CEO: we shouldn’t have left India so we’re back  Full Article 

 Hindu "Modi-fication"

Hindu "Modi-fication"

Fears grow about Hindu "Modi-fication" of education  Full Article 

Weak Credit

Weak Credit

Hard to hit tax revenue target, credit weak - Jaitley  Full Article 

China Rate Cut

China Rate Cut

China surprises with interest rate cut to spur growth  Full Article 

Gold Imports

Gold Imports

RBI cautious on response to gold import surge  Full Article 

Economic Corridor

Economic Corridor

China commits $45.6 billion for economic corridor with Pakistan  Full Article 

Overseas Funds

Overseas Funds

RBI says overseas borrowed funds can be parked with banks in India  Full Article 

Reuters India Mobile

Reuters India Mobile

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