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. plans to arm Iraq's Sunni tribesmen with AK-47s, RPGs, mortars
- Bighorn sheep escapes Los Angeles Zoo, dies after car strikes it
- China building South China Sea island big enough for airstrip - report
- Apple $450 mln e-book settlement gets final court approval
- India approves $2.6 bln mounted gun purchase - official
India approved on Saturday the purchase of 814 mounted gun systems for the army at a cost of 157.5 billion rupees ($2.55 billion), a defence ministry spokesman said. Full Article