RTRS: India gold futures below 12,000 mark on global cues
MUMBAI, Oct 23 (Reuters) - India's gold futures extended falls on Thursday after breaking below 12,000 rupees per 10 grams a day ago on weak overseas markets.
"Gold is on a negative note, more falls can be seen," said B.G. Manjunath Prasad, senior technical analyst at Way 2 Wealth Securities Ltd.
Foreign gold, which guides the local markets, extended a 6 percent fall to hit its weakest level in 13 months after the dollar surged against the euro, reducing the metal's safe haven appeal. The benchmark December gold MAUZ8 on the Multi Commodity Exchange of India Ltd (MCX) is expected to trade within 11,640 rupees per 10 grams and 11,980 rupees this session, Prasad said.
December silver on the MCX is expected to trade within 16,790 rupees per kg and 17,380 rupees, Prasad added.
Following were prices on the Multi Commodity Exchange of India Ltd. at 10:40 a.m. <0#MAU:> <0#MSV:>:
