Gold futures likely to gain past one-month high

MUMBAI Mon Jan 20, 2014 4:43pm IST

An employee receives payment from a customer inside a gold jewellery showroom in Mumbai August 30, 2013. REUTERS/Danish Siddiqui/files

An employee receives payment from a customer inside a gold jewellery showroom in Mumbai August 30, 2013.

Credit: Reuters/Danish Siddiqui/files

Related Topics

Kishore Pandey, 82, lies on a bed as his daughter, Usha Tiwari, holds him and a priest stands by them (L) at Mukti Bhavan (Salvation House) in Varanasi, in the northern Indian state of Uttar Pradesh, June 19, 2014. REUTERS/Danish Siddiqui

Waiting to die at Salvation House

The city of Varanasi is Hinduism's holiest city and many Hindus believe that dying there and having their remains scattered in the Ganges allows their soul to escape a cycle of death and rebirth.  Slideshow 

MUMBAI (Reuters) - Gold futures in India are likely to extend gains past their highest level in a month, on the back of positive leads from overseas market, although investors will continue to monitor the rupee for directions.

The actively traded gold contract for December delivery on the Multi Commodity Exchange (MCX) was 0.22 percent higher at 29,330 rupees per 10 grams, after hitting a high of 29,390 rupees, a level last seen on December 16.

"Gold and silver looks good in the short-term on the back of Chinese buying for Lunar New year and commodity index rebalancing in favour of gold and silver," said Gnanasekar Thiagarajan, director with Commtrendz Research.

Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 7.49 tonnes to 797.05 tonnes on Friday - the first increase in a month.

Buying is advised in MCX gold on dips to 29,250 rupees, for a target of 29,600 rupees, with a stop loss at 29,025 rupees, said Thiagarajan.

Silver contract for April delivery on the MCX was 0.04 percent higher at 45,156 rupees per kg.

Buying is advised on dips in silver at 44,900, with a stop loss at 44,500, targeting 45,800 rupees, said Thiagarajan.

(Reporting by Siddesh Mayenkar; Editing by Anand Basu)

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-Nepal Ties

REUTERS SHOWCASE

Tackling Food Prices

Tackling Food Prices

India to free up extra 10 million tonne wheat in open market  Full Article 

Facebook Results

Facebook Results

Facebook beats Wall Street targets, stock hits record high  Full Article 

GM Recall

GM Recall

GM recalls 717,950 vehicles in U.S., not for ignition switches  Full Article 

Hyundai Motor Results

Hyundai Motor Results

Hyundai Motor Q2 profit slips as firmer won, U.S. discounts hurt  Full Article 

Nokia Results

Nokia Results

Nokia raises networks outlook after Q2 profit beats estimates  Full Article 

Factory Sector

Factory Sector

China July HSBC flash PMI at 18-month high of 52.0   Full Article 

Breakingviews

Breakingviews

Apple winds up earnings hope for new gadgets  Full Article 

Reuters India Mobile

Reuters India Mobile

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