Gold futures on the Multi Commodity Exchange opened lower at Rs 29,886 per 10 grams against yesterday's close of Rs 29,896 as rupee appreciated against dollar.

Much of gold movement at MCX may depend on rupee movement against dollar. If rupee appreciates, then gold prices will fall in India.

In Comex, the yellow metal was trading at $1,616 a troy ounce.

(This article was published on August 9, 2012)
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