ENM: Gold futures flat on rupee, inflationary concerns
MUMBAI: Gold futures were flat on Wednesday as pressure from a strong rupee was offset by inflationary concerns overseas,
analysts said.
The most-active August gold contract was 0.01 percent lower at Rs 14,867 per 10 grams at 10:44 am, almost unchanged from the previous close of Rs 14,869.
The rupee strengthened on hopes of more foreign fund inflows as risk aversion was seen easing globally. Gains in other regional currencies also helped.
A strong rupee makes the dollar quoted asset cheaper.
"Market would stay in a range, with Euro zone data expected to provide trigger," said Aurobinda Prasad, deputy manager-research with Karvy Comtrade.
Gold may be in the range of Rs 14,820-15,000, said Krishna Reddy, an analyst with Way 2 Wealth Securities.
Open interest for August gold on MCX was at 12,969 lots, up from 12,961 a day earlier. Volume on Tuesday was 24.53 kg.
