Indian gold futures fall reflects global trend

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28 March 2008 @ 03:56 am EST

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Commodity Online

MUMBAI: Gold futures fell on Indian commodity exchanges in morning trade in tandem with overseas markets, which were lower on profit taking triggered by easing crude oil and book squaring.

The April gold futures on the Multi Commodities Exchange (MCX) of India is likely to find support at 12,175 rupees per 10 grams and resistance at 12,320 rupees,

Economic data from the US, including personal income and spending and consumer sentiment, would be watched closely later in the day for its impact on the dollar, and thus, gold, analysts said.

The open interest for April gold on MCX was at 4,970 lots, lowere than 5,056 on Thursday. Volume on the previous day was at 35.24 kg.

For more commodities information, go to www.CommodityOnline.com

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