Gold & Silver

MCX gold may move towards Rs 30,000 per 10 gm

Suresh P. Iyengar Mumbai | Updated on June 14, 2012

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Gold futures may continue to remain under pressure.

At the Multi Commodity Exchange, the yellow metal opened at Rs 30,080 per 10 grams against the previous close of Rs 30,036. It touched a high of Rs 30,173.

The rupee appreciated by 13 paise (0.04 per cent) against the dollar. This is supporting the fall in gold prices.

MCX Gold August contract may move towards Rs 30,000 per 10 gram.

In Mumbai spot market, the yellow metal was trading at Rs 2,986 a gram at 11.30 am. US spot gold was at $1,620 a troy ounce at 11.30 am.

Asian equities are also under pressure after the Spain’s credit rating was cut by three notches from “A3’’ to “Baa3’’ by Moody's.

This has renewed concern of European crisis. Euro has weakened by 0.12 per cent against the dollar.

Italy will hold a bond auction today after its borrowing cost rose to the highest since January 25 to 6.22 per cent. Japan’s industrial production declined more than prior figures.

Published on June 14, 2012

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