MUMBAI: Gold futures treaded water on Thursday on lack of leads, with investors eyeing the movements in dollar and stock markets to gauge risk
appetite overseas, analysts said.
The most-active August contract was at 14,669 rupees per 10 grams at 11:15 a.m., little changed from its previous close of 14,665 rupees.
The contract had lost about 1.6 percent since the start of the week as weaker-than-expected U.S. data dampened optimism about an early economic recovery, prompting investors to trim positions in commodities overseas.
"Gold would now take support at lower levels. Support is placed at 14,570 rupees," said Krishna Reddy, an analyst with Way 2 Wealth Securities in Mumbai.
Gold may trade in the range of 14,675-14,800 rupees, said Gnanasekar Thiagarajan, director, Commtrendz Research.
Traders would also be awaiting the U.S. GDP data to gauge direction in the precious metals complex.
U.S. gross domestic product, due on Friday, is expected to show the economy contracted for a fourth consecutive quarter in April-June, the first time that has happened in records dating to 1947. [ID:nN24483077]
Open interest for August gold on MCX was at 7,720 lots, down from 7,746 a day earlier. Volume on Wednesday was 27.90 kg.
