MUMBAI: Gold futures edged lower on Friday pressured by a strong rupee, that makes the dollar-quoted asset cheaper, and on soft international
prices, analysts said.
The most traded August contract on the Multi Commodity Exchange was 0.35 percent lower at 14,614 rupees per 10 grams at 11:23 am.
A strong rupee makes the dollar-quoted asset cheaper. The Indian rupee edged higher on Friday following gains in other Asian currencies and a rise in regional stocks.
At 11:23 am, Comex August gold was 0.78 per cent lower at $954.5 an ounce.
"A declining dollar index would support gold and may move (up) till 14,800 rupees later," said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.
Gold may move in the range of 14,510-14,700 rupees on an intra-day basis, said Abhishek Chauhan, an analyst with Angel Commodities.
Open interest for August gold on MCX was at 14,617 lots, down from 14,886 a day earlier. Volume on Thursday was 42.66 kg.
