After opening on the higher side, gold futures on the Multi Commodity Exchange may reverse its trend and fall marginally.
This may be due to weak opening of equities in the European market. Growth prospects in Europe are expected to be weak.
MCX gold for June contract may fall and test Rs 28,500 level.
Monetary policy of the Chinese central bank is keenly watched for possible stimulus to boost the country’s economic growth.
MCX gold for June contract opened at Rs 28,502 per 10 grams against yesterday’s close of Rs 28,482. In the US market, the yellow metal was at $1,650 a troy ounce at 1.45 pm today.