Gold gains 0.90% on stronger rupee, global cues

MUMBAI: Gold for February delivery gained 0.90% at Rs 27,041 per 10 gm on MCX on the back of a stronger rupee and on cues from overseas futures on Comex division of Nymex, which traded 1.11% up at $1,229.77 an ounce (about 32 gm) in early noon trade.

Spot gold also traded up on MCX at Rs 26,999 per 10 gm.

According to Krishna Nathani, managing director of commodity research at India Bullion, domestic gold prices could go over Rs 27,250 per 10 gm in the near to mid-term with options prices on the Comex indicating an increase in bullish bets in the $1,240 an ounce call option.

Gold prices in India take cues from the international market as the country is the world’s largest importer of the metal.