×
By
Reuters
Published
Apr 26, 2010
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

India gold seen trading in range

By
Reuters
Published
Apr 26, 2010

MUMBAI, April 26 (Reuters) - India gold futures were seen trading in a range this week with a positive bias on safe haven buying overseas, with traders awaiting the outcome of two-day U.S. Federal Reserve meeting starting Tuesday 27 April for direction.



The most-active June gold contract MAUM0 on the Multi Commodity Exchange (MCX) was trading 0.01 percent lower at 16,803 rupees per 10 grams. The contract had gained 1.2 percent in the previous week.

"Its a buy in gold, overall it will be bought as a safe-haven," said Gnanasekar Thiagarajan, director, Commtrendz Research in Mumbai.

Greece's fiscal health concerns may spur safe-haven buying in the yellow metal.

"Gold may trade sideways ahead of FOMC decision, range seen is 16,750-16,870 rupees," said Pranav Mer, senior analyst with Mangal Keshav Commodities.

The Fed is expected to keep interest rates unchanged near zero and repeat its pledge to keep them low for an extended period. [ECI/US] Buying could be done at 16,720/16,730, maintaining a stop loss of 16,695, targeting 16,950, said Thiagarajan.

(Reporting by Siddesh Mayenkar; Editing by Prem Udayabhanu)

© Thomson Reuters 2022 All rights reserved.