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India gold futures fall tracking foreign markets

Indian gold futures softens tracking a slight fall in the international market, but commodity brokerages said an upsurge could be expected.

business Updated: Jul 13, 2007 11:37 IST

Indian gold futures softened on Friday tracking a slight fall in the international market, but commodity brokerages said an upsurge could be expected again on the back of important economic data in the US.

"Gold is likely to build on Thursday's upward move, the major reason is the weakness in the dollar," said Harish Galipelli, head of research at Karvy Comtrade Ltd.

Gold prices touched a 3-week high at 8,789 rupees per 10 grams on Thursday as the dollar weakened overseas.

Galipelli said the August contract on the Multi Commodity Exchange of India Ltd. had the potential to touch 8,810 rupees per 10 grams.

Gold market players are expecting US retail sales and consumer sentiment data, the former being more important for its likely impact on the dollar. Another analyst at IL&FS Investsmart Commodities Ltd said local investors were expecting gold to strengthen further and therefore were in long positions.

The open interest for August gold was at 10,880 lots, up from 10,843 the previous day. Volume on Thursday was 26.60 kg.