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Gold likely to rebound from two-week lows
Gold bars are displayed at a gold jewellery shop in Chandigarh May 8, 2012.
Credit: Reuters/Ajay Verma/Files
MUMBAI |
MUMBAI (Reuters) - Indian gold futures are likely to rebound, after falling on Monday to their lowest levels in two weeks, on expectations of a weaker dollar post U.S. GDP data.
"There could be a correction initially and there could be a gradual pull back," said Subhrasom De, an analyst with Karvy Comtrade, adding that weak U.S. GDP data, which is due on Thursday, could help gold.
Gold and the dollar often move in opposite directions as the two compete for funds globally.
The most-active gold for October delivery on the Multi Commodity Exchange (MCX) was 0.10 percent higher at 31,465 rupees per 10 grams, recovering partially from the previous session's low of 31,272 rupees, a level last seen on September 9.
Buying is advised in gold at 31,550-31,600 rupees, with a target of 32,000 rupees, and a stop loss below 31,300 rupees, said De.
Silver futures are likely to rise following the yellow metal.
Silver for December delivery on the MCX was 0.38 percent higher at 62,650 rupees per kg.
Silver could trade in the range of 61,300-63,700 rupees, said De.
(Reporting by Siddesh Mayenkar; Editing by Anupama Dwivedi)
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