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Monday, December 29, 2008

India gold up over 2.5 pct on overseas leads, rupee


MUMBAI (Reuters) - India's gold futures rose by more than 2.5 percent on Monday following strong international markets and a weaker rupee making the dollar-quoted yellow metal expensive, analysts said.

Overseas gold rose more than 2 percent on Monday to its strongest since early October after violence between Israel and Hamas pushed up oil prices on fears of supply disruptions, and spurred safe-haven buying in bullion.

Gold is expected to remain bullish for the day and one should buy on dips, said Gnanasekar Thiagarajan, director at Commtrendz Research.

Buying was recommended at 13,350 rupees with a target of 13,675-13,700, and with a stop loss of 13,290 rupees, Thiagarajan added.

The Indian rupee weakened on Monday as early losses in the domestic equity market fueled concerns about capital outflows, but broad dollar weakness may help avert a sharp slide in the currency.

Open interest for Feb gold on MCX was at 16,909 lots, up from 16,310 a day earlier. Volume on Saturday was 3.62 kgs.

source: Reuters

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