MUMBAI: Gold futures may edge lower this week on continued profit-taking and a strenghtening rupee, which makes the dollar-quoted asset cheaper,
analysts said. The most-traded February contract was 0.36 per cent lower at 17,647 rupees per 10 grams at 4:17 p.m. The contract had struck a high of 18,082 rupees last week. The Indian rupee rose following a higher-than-expected economic expansion in the September quarter with a near 2 per cent rise in domestic shares also underpinning sentiment.
"Certainly, correction is on currently... our bias is on the negative side on profit-taking and rupee appreciation," said Harish Galipelli, head of research with JRG Wealth Management in Kochi. February gold has gained 11 per cent in November.
Analysts said traders would continue to closely follow the Dubai debt crisis, US jobs data, Black Friday retailers' results and Fed chief Ben Bernanke's comments for direction. Gold may trade in the range of 17,200-18,000 rupees, said Pranav Mer, an analyst with India Infoline in Mumbai.
