MUMBAI: India gold futures edged lower on Monday, tracking similar trends overseas, with a negative bias expected to persist in the yellow metal
later in the session, analysts said. The most active August contract was 0.42 percent lower at Rs 14,582 at 11:24 a.m., down 1.6 percent from its two-week high of Rs 14,823 struck on June 24.
Dometic gold has been trading with a negative bias but largely in a range on waning safe-haven appeal of the yellow metal due to positive data from the US Overseas gold, which guides the domestic market, softened a touch to around $935 on position adjustments, giving up gains from the previous session when it briefly rose to a two-week high.
"Gold should have a slight bearish bias today on a bounce in dollar," said said Gnanasekar Thiagarajan, director, Commtrendz Research. Key resistance is pegged at 14,675 rupees, said Thiagarajan. Gold may trade in the range of 14,500-14,650 rupees, said Pranav Mer, an analyst with India Infoline. Open interest for August gold on MCX was at 13,588 lots, up from 13,517 a day earlier. Volume on Saturday was 1.0 kg.
