RTRS: India gold futures up on weak rupee, but seen falling
MUMBAI, Oct 16 (Reuters) - India's gold futures were higher on the Multi Commodity Exchange of India Ltd (MCX) on Thursday with a weaker rupee propping up the metal that was just slightly higher on the COMEX, analysts said.
"Gold's opening is higher because of the rupee, but lower crude oil is expected to put pressure on it," said Aurobinda Prasad, senior technical analyst at Karvy Comtrade Ltd.
Foreign gold that guides the local market was higher on the COMEX and down in the spot markets reflecting the uncertainty among investors facing jittery financial markets.
The benchmark December gold on the MCX was expected to range within 13,000 rupees per 10 grams and 13,350 rupees, said Devarsh Vakil, manager - research at Anagram Capital Ltd.
December silver MSVZ8 on the MCX is expected to range within 17,780 rupees per kg to 18,200 rupees, Vakil added. December silver traded at 18,065 rupees.
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 10:43 a.m. <0#MAU:>:
Contract Current price Net change
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December 13,233 48
February 13,312 36
For a technical look at international spot gold, double click www.reutersindia.net/gold.htm)
(Reporting by Ruchira Singh; Editing by Sunil Nair)