Negative trend continues for India gold futures

February 26, 2009

Commodity Online
NEW DELHI : India gold futures continued to trade in negative territory Thursday as buying slowed down on expectations of more price cuts both at home and abroad.

The benchmark gold April contract was 0.92 percent lower at 15,349 rupees per 10 grams at 2.24 p.m , after having struck 16,040 rupees last week.

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Analysts expect bouts of profit-taking to continue but concur that the overall intermediate trend is still up.

Open interest in April gold on MCX was at 18,312 lots, down from 18,403 a day earlier. Volume on Wednesday was 73.41 kg.

June and August month contract also shed from previous gains. June contract which lost 139 per cent to Rs 15,273 with trading of 418 lots and August contract also fell by 1.28 per cent to Rs 15,311 in trading of just one lot.

Gold traded lower by 16.20 dollar at 950 dollar an ounce on the New York Mercantile Exchange.

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