RTRS: India gold futures slightly higher, US rates eyed
MUMBAI (Reuters) - India's gold futures were slightly higher on Wednesday in tune with foreign markets where a firm euro and stronger equities markets spurred buying ahead of a U.S. interest rate decision.
"The bias is on the upside as an interest rate cut may increase investments in gold," said Aurobinda Prasad, senior technical analyst at Karvy Comtrade Ltd.
Foreign gold that guides the local market, rose for the third straight day, while crude oil, that also guides the metal, moved higher after U.S. stocks recovered.
The benchmark December gold on the Multi Commodity Exchange of India Ltd (MCX) is expected to range within 11,809 rupees per 10 grams and 12,084 rupees, said Pradeep Unni, senior research analyst at Richcomm Global Services DMCC.
December silver on the MCX may remain confined to 16,100 rupees per kg and 16,455 rupees, Unni added.
