Mumbai, January 14: India gold futures edged higher on Thursday helped by a weaker dollar overseas and investors awaited the European Central Bank’s policy decision along with U.S. retail sales and jobless claims for direction.
The most-traded February gold contract on the Multi Commodity Exchange was 0.43 percent higher at 16,866 rupees per 10 grams.
“Gold would be supported by the dollar in early trade and further moves would be on the basis of data,” said Aurobinda Prasad, head of research, Karvy Comtrade.
The dollar index was 0.06 percent lower at 76.801 at 11:00 a.m. A weak dollar enhances the yellow metal’s appeal as an alternative investment.
The European Central Bank is set to start 2010 by flagging that interest rates will remain at a record low of 1.0 percent for some time, casting the bank’s view on Greece’s current debt troubles into the spotlight.
—-Agencies