Gold rates may increse in Foreign markets Due to huge demand
Gold futures were up on Friday on the Multi Commodity Exchange of India Ltd (MCX) with foreign markets close to the previous day's three-month high, but expectations for the day were mixed.
"The bias is on the upside as crude oil is supportive," said Amar Singh, head - commodity research at Angel Commodities Broking Pvt Ltd.
"Gold looks corrective as it has rallied too high," said Debjyoti Chatterjee, associate vice president at MAPE ADMISI Commodity Research.
Foreign gold, that guides the local market was slightly down as speculators booked profits from its most recent rally, but crude oil remained steady on geo-political tensions, signalling support for gold. Gold generally moves in tandem with crude oil as the latter stokes inflation that the metal douses. The benchmark August gold was seen facing resistance at 13,265 rupees per 10 grams and support at 12,950 rupees, Singh said.
The open interest for August gold was at 10,177 lots, up from 9,549 on Thursday. Volume on the previous day was at 48.44 kg. The benchmark September silver on MCX was seen facing resistance at 25,950 rupees per kg, Singh added. September silver traded at 25,701 rupees.
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07-11-2008, 10:49 PM
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