Mumbai: India gold futures were almost steady with a positive bias on Wednesday supported by a weak dollar overseas, which enhances the yellow metal’s appeal as an alternative asset, analysts said.
The most-traded October gold contract on the Multi Commodity Exchange was 0.15% higher at Rs15,566 per 10 grams at 11:17am.
“The outlook is positive on the reversal in euro,” said Gnanasekar Thiagarajan, director, Commtrendz Research.
“Buying is recommended at 15,560, with a stop loss of 15,530 and targeting Rs15,600/15,620,” said Pranav Mer, an analyst with India Infoline.
The euro inched up 0.2% to $1.4620 against the dollar, having climbed over 4 percent so far in July-September.
Domestic gold has gained about 4% so far in July-September, when dollar’s weakness overseas and strong technical momentum spurred buying in the yellow metal.
Gold also rallied to its seven-month high of 16,009 earlier this month, within the reach of its all-time high of Rs16,040, struck on 20 February.
