RTRS: India gold extends losses on global cues, rupee
India's gold futures extended losses on Thursday on overseas leads and further pressured by a firmer rupee, analysts said.
Overseas gold dropped slightly tracking a falling euro, but strong investment demand was likely to support prices, with ETF holdings hitting another record as fears about a worsening global recession lingered. See [ID:nSP321011]
"Market is still in positive mode," said Debjyoti Chatterjee, associate vice-president at MAPE ADMISI Commodity Research, adding gold may not see a downfall from here.
Buying is recommended above 13,400 rupees with a target of 13,700 rupees and with a stop loss of 13,360, Chatterjee added.
The February gold contract MAUG9 traded 32 rupees lower at 13,428 rupees per 10 grams at 11:17 a.m., after falling marginally in the previous session.
"Our view is bullish (in gold), but the rally will be restricted to 14,100 (rupees)," said a technical analyst at a Mumbai-based commodity brokerage.
"As long as prices remain above 12,800, long positions would not be in danger," added the technical analyst.
Open interest for Feb gold on MCX was at 15,202 lots, down from 15,418 a day earlier. Volume on Wednesday was 63.22 kgs.
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd.
