India gold may ease from record highs
MUMBAI (Reuters) - India's gold futures may ease in early Wednesday trade on profit-taking after hitting record highs in the previous session, analysts said.
The benchmark December gold on the Multi Commodity Exchange (MCX) closed 3.1 percent higher at 16,618 rupees per 10 grams, after hitting a record high of 16,639 rupees.
December gold is likely to open at 16,550 rupees per 10 grams, said Abhishek Chauhan, an analyst with Angel Commodities.
"Since gold has made a new high, traders would try to book profits. Any dip would find support at 16,500 rupees," said Gnanasekar Thiagarajan, director, Commtrendz Research.
However, analysts said gold may rebound later in the session on bullion's growing status as a destination for diversifying official reserves.
"There could be profit-taking initially, but the bias is still on the upside. Resistance is seen at 16,750 (rupees), while support is at 16,450," said Chauhan.
Thiagarajan saw resistance at 16,750/16,800 rupees levels.
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