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Reuters
Published
May 24, 2010
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India gold seen recovering on bargain buying

By
Reuters
Published
May 24, 2010

MUMBAI, May 24 (Reuters) - India's gold futures may recover from the previous week's losses in coming days on bargain-buying after the yellow metal shed about 1 percent in the previous week, analysts said.



The most-traded June contract MAUM0 on the Multi Commodity Exchange (MCX) was 0.47 percent higher at 18,086 rupees per 10 grams at 6:02 p.m.

"There could be some recovery on bargain-buying, after last week's profit-taking," said Harish Galipelli, head of research with JRG Wealth Management.

Buying could be done at 18,000 rupees, for a target of 18,300 rupees, said Galipelli.

India gold buying continued for a second week on Monday 24 May as traders expected a rebound in prices.

"Gold has potential to go upto 18,250 rupees, and buying could be initiated at 18,025 rupees," said Gnanasekar Thiagarajan, director, Commtrendz Research. (Reporting by Siddesh Mayenkar; editing by Sunil Nair)

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