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Monday January 5, 12:00 PM
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India gold extends losses on overseas cues
MUMBAI (Reuters) - India's gold futures fell for a third day in a row on Monday tracking global leads, where safe-haven buying in the wake of Israel's weekend ground offensive petered out, analysts said.
India imports most of its gold and domestic prices usually follow the international trend.
"We expect a bit of profit-booking in gold," said Devarsh Vakil, manager-research at Anagram Capital Ltd in Ahmedabad, adding gold may witness lows of 13,380-rupees-level for the day.
Waning gold demand from India, the world's largest buyer of the metal, should also weigh on prices, Vakil added.
India's gold imports fell 47 percent in 2008 to 402 tonnes as high prices and a slowing economy dented demand, a leading trade body said on Thursday.
The benchmark February gold last traded lower by 10 rupees at 13,546 rupees per 10 grams at 11:31 a.m., after losing 1.4 percent in the last two sessions.
Selling is recommended at 13,600 rupees with a target of 13,380 rupees and with a stop loss of 13,690 rupees, Vakil added.
Open interest for Feb gold on MCX was at 15,984 lots, down from 16,050 a day earlier. Volume on Saturday was 1.82 kg.
