India gold edges lower on firm dollar overseas
MUMBAI (Reuters) - India gold futures edged lower on Monday, extending losses into the second week, as the dollar was a touch firmer overseas, analysts said.
The most active August gold contract was 0.25 percent lower at 14,428 rupees per kg at 10:25 a.m., after losing 1.2 percent last week.
"Gold may trade weak due to a strong dollar and waning inflationary concerns could also weigh," said Kunal Shah, assistant vice-president with Nirmal Bang Commodities in Mumbai.
The dollar was a touch firmer against a basket of currencies supported after a weak U.S. employment report last week raised doubts about a quick recovery in the global economy.
"We expect further correction in prices if they breach 14,400 rupees," said Pranav Mer, an analyst with India Infoline.
Open interest for August gold on MCX was at 12,684 lots, up from 12,480 a day earlier. Volume on Saturday was 0.76 kg.
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