Gold falls to Rs 14,462 per 10 grams

India gold futures edged lower on Friday weighed by a strong rupee locally,making the imported yellow metal cheaper,analysts said.

Written by Reuters

Mumbai | July 10, 2009 12:20 PM IST

1 min read

India gold futures edged lower on Friday weighed by a strong rupee locally,making the imported yellow metal cheaper,analysts said.

The most active August contract was 0.13 per cent lower at Rs 14,462 per 10 grams at 11:20 a.m.,after hitting a low of Rs 14,436 in early deals.

The Indian rupee extended gains for a second day on Friday and traders said they would be watching quarterly earnings of companies for cues on economic outlook.

“The Indian rupee is pressuring prices,” said Kunal Shah,assistant vice-president,Nirmal Bang Commodities. “Trade is likely to remain lacklustre.”

Gold may be in the range Rs 14,440-14,550,said Aurobinda Prasad,deputy manager-research with Karvy Comtrade.

Open interest for August gold on MCX was at 12,724 lots,up from 12,632 a day earlier. Volume on Thursday was 26.18 kg.

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