Indian Gold Gained on Firmer Oil

Indian gold futures opened higher on Thursday in tune with foreign markets where the metal extended gains on firmer oil and bargain hunting after this week's drop to a three-week low.

"There is a lot of uncertainty in financial markets and gold is a good place to park money," said T. Gnanasekar, director at Commtrendz Research.

February gold on the Multi Commodity Exchange of India Ltd was not too far from the high of 11,533 rupees per 10 grams seen on Jan. 15.

Open interest for the February gold contract on MCX was at 9,535 lots, lower than 9,546 on Wednesday. Volume the previous day was at 69 kg.