MUMBAI May 16 India's gold futures were up on
Friday extending the previous day's robust gains amid a weaker
dollar and firm crude oil.
The trend for the day looked firm, analysts said.
"Continued buying can be seen in the initial session," said
Harish Galipelli, head of research at Karvy Comtrade Ltd.
The dollar was weaker against other major international
currencies as economic data raised concerns about growth in the
U.S. while crude oil rebounded on thinning global supplies.
Gold prices generally have an inverse relation with the
dollar as the two compete for investments. But it moves in
tandem with oil as the latter signals inflation while gold is a
good hedge against it.
The benchmark June gold on the Multi Commodity Exchange of
India Ltd (MCX) is seen trading within 11,900 rupees to 12,200
rupees per 10 grams, said Rajini Panicker, head of research at
MF Global Commodities India Ltd.
Open interest for June gold was at 8,703 lots, down from
8,863 on Thursday. Volume on the previous day was at 48.38 kg.
Following are gold prices in rupees per 10 grams on the
Multi Commodity Exchange of India Ltd. at 11:29 a.m. <0#MAU:>:
Contract Current price Net change
June 12,073 27
August 12,117 37
For a technical look at international spot gold, double
(Reporting by Ruchira Singh; editing by Sunil Nair)