Gold futures on the Multi Commodity Exchange opened higher at Rs 29,810 per 10 grams against yesterday's close of Rs 29,788.

In Comex, the yellow metal was trading at $1,623 troy ounce.

Rupee depreciated by 20 paise against the dollar. If the trend continues, gold may gain further.

The Reserve Bank of India left the key interest rates unchanged on concerns over high inflation.

The move will have very little impact on rupee. Gold prices will follow the international trend and move up.

(This article was published on July 31, 2012)
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