Indian gold and silver futures climbed early on Monday, tracking firmer world markets, but soyaoil and sugar contracts were little changed on better domestic supply, brokers said. March gold at the National Commodity and Derivatives Exchange (NCDEX) rose 0.22 percent to 6,239 rupees ($142.8) per 10 grams. The Multi Commodity Exchange's (MCX) April gold was traded at 6,234 rupees, up 0.13 percent.
"Gold futures are following international prices but are expected to be rangebound," said Prithvi Raj Kothari, a bullion broker who forecast a range of 6,200 to 6,260 rupees for the day. Domestic prices follow global trends as India, the world's largest consumer of the yellow metal, imports more than two-thirds of its annual needs of about 700 tonnes.
World spot gold advanced to $434.75/$435.25 per ounce from $433.60/$434.40 in New York on Friday, supported by the euro's strength against the dollar. March silver at the NCDEX was up 0.3 percent at 10,860 rupees per kg, while MCX's May silver rose 0.4 percent to 10,916 rupees.
Brokers said silver futures had not risen as much as global prices because of slow physical demand in the domestic market. "The general perception is that prices are high. The marriage season demand is also dull and will pick up only after Holi," said Aditya Jhaveri, a broker with Basic Commodities.
Holi, the Indian festival of colours, falls in the last week of this month.
Spot silver was at $7.37/$7.40 an ounce, up from $7.32/$7.35 in New York on Friday. Soyaoil eased as a rise in world oil futures was offset by higher summer oilseed harvests, brokers said. MCX's March soyaoil marginally fell to 384.80 rupees per 10 kg from 386.50 rupees.
March soyaoil at the NCDEX was quoted at 384.45 rupees, compared with 385.50. NCDEX's March sugar was traded at 1,904 rupees per 100 kg against 1,903 rupees in the previous season.
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