Mumbai: India gold futures edged lower on Thursday, weighed by a strong rupee, that makes the dollar-quoted asset cheaper, analysts said.
The most-active October contract was 0.15% lower at Rs14,915 at 10:40am, after hitting a low of Rs14,905 in early deals.
The contract had gained 0.5% in the previous session.
The Indian rupee rose as gains in US and Asian stock markets raised expectations of more portfolio inflows.
“The trade is likely to be sideways and gold may move in the range of Rs14,850-15,070,” said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.
Investors would also await the US jobless claims data, due later in the day, for direction in the precious metals complex.
Gold may trade in the 14,850-15,020 range of rupees, said Abhishek Chauhan, technical analyst, Angel Commodities. “We could see further upside if gold closes above 15,020 (rupees).”
Open interest for October gold on MCX was at 14,327 lots, down from 14,597 a day earlier. Volume on Wednesday was 25.18 kg.
