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Gold futures on the Multi Commodity Exchange opened higher at Rs 29,981 per 10 grams against the previous close of Rs 29,967 as rupee depreciated 12 paise against dollar since morning.
Gold may gain further if rupee continues its trend.
In Comex, gold was trading at $1,612 a troy ounce.
Poor economic data released by the US and a few Asian countries has raised hopes for some stimulus from the governments.
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