Do More With Reuters
Partner Services

India gold futures advance on overseas mkt cues

Thu Sep 25, 2008 11:41am IST
 
Email | Print | | Single Page
[-] Text [+]

MUMBAI (Reuters) - India's gold futures were higher on Thursday in tune with foreign markets where the metal gained from speculative buying amid the turmoil in U.S. markets, but analysts said profit-booking may weigh.

"We are looking at a little downside in gold," said Devarsh Vakil, manager, research at Anagram Capital Ltd. "It has risen too fast and there is a possibility of profit booking."

But continued worries over the U.S. financial system may attract safe-haven buying in the metal, said another analyst.

Foreign gold that guides the local market was supported by safe-haven buying amid uncertainties about when the U.S. might approve a $700 billion bailout plan for troubled companies. October gold on the Multi Commodity Exchange of India Ltd (MCX) was expected to trade within 13,050 rupees per 10 grams and 13,400 rupees, said K.N. Rahaman, deputy research head at Way 2 Wealth Securities Ltd.

Open interest for October gold was at 8,059 lots, higher than 7,860 on Wednesday. Volume a day ago was at 57.96 kg.

December silver was expected to range between 20,850 rupees per kg and 21,300 rupees on the MCX, Rahaman added.

December silver traded at 20,950 rupees.

Russian Finance Minister Alexey Kudrin poses with his G20 colleagues and central bank leaders during the family photo at the G20 Finance Ministers meeting at a hotel in St. Andrews, Scotland. REUTERS/POOL New
Pledge to support economies

G20 financial leaders pledged to prepare strategies to end emergency support for their economies, but to keep the aid flowing until recovery was assured.  Full Article | Related Story 

Photo

special coverage

Photo
Central Banks Cautious

Reuters tracks the policies of the world's top central banks as the debate over global economic recovery rages on.  Full Coverage 

Market Update

  • IndiaIndia
  • USUS
  • UKUK
  • Asia
  • Most Actives

SHOWCASE

Sanjay Sinha
Balancing Act

In India, it is a tough choice between growth, managing inflation and financial stability.  Full Article 

 
Nipun Mehta
Road to Recovery

There needs to be an acceptable balance created between education and healthcare and infrastructure spend, says Nipun Mehta of SG Private Banking.   Full Article 

 
Robot Asimo

Snapshots of Honda Motor's humanoid robot Asimo  Slideshow 

 
Marketing Strategy
Marketing Strategy

Companies are now using direct marketing methods to sell their products.  Full Article 

 
Exit Plans
Exit Plans

Factbox - Stimulus exit plans for Asia-Pacific's big 5 economies  Full Article