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Gold futures open higher at Rs 29,309 per 10 gm

Suresh P. Iyengar
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Gold futures on MCX may open on the lower side, but will take cues from the forex market at later stage.
Gold futures on MCX may open on the lower side, but will take cues from the forex market at later stage.

Gold futures on the Multi Commodity Exchange opened higher at Rs 29,309 per 10 grams against Saturday's close of Rs 29,277.

This was largely due to weak rupee against dollar. Rupee has depreciated more than one per cent since morning.

Gold futures at Comex was down by $5 at $1578 a troy ounce.

Dollar has gained more than four per cent against a basket of currencies so far this year. This weighed heavily on gold that rose just one per cent in the same period.

Gold prices in the international markets are under pressure after Spain stoked fears that it might need a sovereign bailout

(This article was published on July 23, 2012)
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