MUMBAI, Dec 1 (Reuters) - Indian gold futures were lower on Monday tracking global markets, where weak crude oil spurred selling, analysts said.
"We expect rangebound to bearish moves through the day in gold," said Naveen Mathur, head, commodities, at Angel Commodities Broking Pvt. Ltd.
Overseas gold slipped on Monday after oil dropped more than $1 and profit taking hit Japanese shares, while a series of U.S. data, which could set the tone for the dollar, was likely to discourage investors from taking large positions. See [ID:nSP165893]
Analysts said traders would be watching a slew of economic data slated this week, including retail sales and the key jobs figures due on Friday to determine future direction of the domestic yellow metal.
MCX February gold may trade in the range of 13,000-13,260 rupees, said Somnath Dey, in-charge, metals and energy research, Religare Commodities.
If February gold breaches the important support level of 12,900, then 12,500 becomes the next crucial level, Dey added.
Open interest for February gold on MCX was at 11,354 lots, down from 11,504 a day earlier. Volume on Saturday was 4 kg.
