India gold futures higher on overseas cues

Reuters
Posted: Friday, Jun 26, 2009 at 1229 hrs IST
Updated: Friday, Jun 26, 2009 at 1229 hrs IST

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Mumbai: India gold futures were higher on Friday, tracking gains in overseas gold, analysts said.

International gold prices inched above $940 to a near one-week high, as firmer oil prices supported bullion's appeal as a potential hedge against oil-led inflation. see

"Gold prices will be on the higher side....it has regained appeal in the international market as a hedge against inflation," said an analyst with a Hyderabad-based brokerage.

Analysts, however, said a firm rupee may limit rise of the domestic futures.

The Indian rupee nudged higher on Friday in tandem with a rise in shares and supported by the dollar's weakness against major currencies.

A firm rupee makes gold imports cheaper.

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