Mining Analysts Maintain India Gold future edge lower
The most-traded gold contract MAUZ9 on the Multi Commodity Exchange was 0.38 percent lower at 17,930 rupees per 10 grams at 10:49 a.m., after hitting a record high of 18,047 rupees in the previous session.
India gold futures edged lower on Friday, but still hovered near-their record highs, weighed by profit-taking after gaining 7 percent since last week, analysts said.
However, analysts maintain a bullish bias on the yellow metal on recent weakness in dollar and the central bank’s intention to diversify into the yellow metal.”We still have a bullish view on gold, range expected is 17,900-18,200 rupees,” said Aurobinda Prasad, head of research, Karvy Comtrade.
Open interest for December gold on MCX was at 14,303 lots, down from 14,518 a day earlier. “Gold may target 18,100/18,120 later today,” said Gnanasekar Thiagarajan, director, Commtrendz Research.
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