Wed Dec 23, 2009 11:04am
MUMBAI, Dec 23 (Reuters) - India's gold futures were slightly lower in early trade on Wednesday as traders were cautious tracking a firm dollar and on profit booking ahead of Christmas holidays, analysts said.
At 10:56 a.m, the benchmark February gold MAUG0 on the MCX was 0.30 percent lower at 16,550 rupees per 10 grams.
"Traders and investors are booking profits before going to long weekends...dollar strength is also weighing," said Kapil Gandhi an analyst with Mumbai-based New Future Advisors.
A firm dollar takes shine from gold as an investment asset, analysts said.
International gold edged higher on Wednesday as bargain hunters resurfaced after the price dropped to its weakest in seven weeks the previous day, but a firmer U.S. dollar was likely to cap gains.
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