Monday December 17, 11:35 AM
Gold futures up slightly, rise seen subdued |
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MUMBAI (Reuters) - Indian gold futures nosed up on Monday tracking overseas markets and analysts said some more upside is likely, though the approaching year-end meant it would be subdued.
"There might be a slight pull back, but the overall picture still remains 'consolidation'," said T. Gnanasekar, director at Commtrendz Research.
Another analyst, Dhiraj Kothari of Brics Commodities Pvt Ltd, said bargain hunting when the U.S. markets opened is likely to push prices.
Kothari said the February contract on the Multi Commodity Exchange of India Ltd (MCX) is likely to test 10,240-10,260 rupees per 10 grams.
Open interest for the February contract on MCX was at 9,806 lots, nearly the same as Saturday's 9,810. Volume on Saturday was at 1 kg.
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