India gold futures slightly up, crude oil guides
MUMBAI, July 9 (Reuters) - India's gold futures were a little higher on Wednesday on the Multi Commodity Exchange of India Ltd (MCX), supported by crude oil that rebounded stoking inflationary fears, analysts said. But analysts said the metal's gains may be capped.
"Gold may be under pressure today... it had appreciated a lot so a profit booking can be expected," said Devarsh Vakil, manager - research, at Anagram Comtrade Ltd.
Overseas gold, which guides the local market, rebounded on the back of crude oil that strengthened after reports Iran had test fired missiles.
A weaker dollar in the wake of the Iran news also fuelled gold. Gold generally tracks crude oil as the latter stokes inflation, while the metal douses it. But the metal usually has an inverse relation with the dollar as the two compete for funds.
The benchmark August gold on the MCX was seen trading within 12,750 rupees and 12,950 rupees per 10 grams, Vakil said.
Open interest for August gold was at 8,316 lots, lower than 8,480 on Wednesday. Volume the previous day was at 57.73 kg.
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 11:16 a.m. <0#MAU:>:
Contract Current price Net change
=============================================== Continued...
One Year Later
Mumbai's police paraded past some of the city's landmarks in a show of strength as the city marked the first anniversary of militant raids that killed 166 people Slideshow | Full Coverage
Liberhan Commission Report
The government published a long awaited report, recently leaked, accusing BJP leaders of a role in the 1992 destruction of the Babri mosque in Ayodhya. Full Article
