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Gold may remain weak on strong dollar and a firm opening in the Asian markets.
Rupee is likely to strengthen based on the deferment of GAAR (General Anti Avoidance Rules). This may lead to further fall in gold prices in the Indian market.
However, removal of import duty on gold jewellery will boost imports and support the price movement.
Gold June contract at the Multi Commodity Exchange closed at Rs 28,939 per 10 grams. It may open at Rs 28,900 on Tuesday.
In Mumbai spot market, the yellow metal opened at Rs 2,814 per gram against yesterday’s close of Rs 2,821 per gram.
In the US market, gold was at $1,636 a troy ounce at 9 am today. At Comex, it closed at $1,638 a troy ounce yesterday.
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