MUMBAI (Commodity Online): Dubai credit crisis has partially hit gold futures trade in India's commodity bourses. As investors continue to look for the right directions after the Dubai credit defaults, analysts said gold price could remain static--without much movement--this week.
On Tuesday, gold futures remained steady in India's Multi Commodity Exchange (MCX). The most-traded February contract was 0.08 percent higher at 17,733 rupees per 10 grams at 10:57 a.m., after hitting a record high of 18,082 rupees during last week. Open interest for February gold on MCX was at 17,640 lots, up from 13,718 a day earlier.
"There is lacklustre trading taking place in gold and silver this week, mainly thanks to the credit crisis news from Dubai. Gold prices may not rise much this week," Anurag Mishra, a bullion analyst with Commodity Online said.
He said gold may trade in the range of Rupees 17,600-17,800 per ten grams in the Indian bullion market.
