Gold futures on the Multi Commodity Exchange opened higher at Rs 29,306 per 10 grams against yesterday's close of Rs 29,289.

In Comex, the August contract was at $1,592 a troy ounce.

The unexpected drop in US retail sales stoked up expectations that the US Federal Reserve Chairman, Mr Ben S. Bernanke, may announce further economic stimulus.

The International Monetary Fund has trimmed the global economic growth forecast. Though the sentiment in equity markets was hit, gold remained firm even after the IMF's dim outlook.

(This article was published on July 17, 2012)
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