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Gold prices opened weak at the futures market on Friday.
MCX gold August contract opened at Rs 29,235 per 10 grams against yesterday’s close of Rs 29,317. It may fall further during the day and touch Rs 29,000.
Gold in Mumbai spot market was trading at Rs 2,935 per gram at 11 a.m. In Comex, the yellow metal was trading at $1,573 a troy ounce.
The rupee snapped a nine-week loss after the Government announced measures to revive growth and on expectations that the RBI will cut interest rates at its review meeting on June 18.
The Group of Seven officials have decided to work together to help both Spain and Greece place their public finances on a sustainable footing.
Overall the yellow metal seems to be on the downtrend today.
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