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Gold for July contract at the Multi Commodity Exchange may open lower at Rs 29,050 per 10 grams against Saturday’s close of Rs 29,170.
The Indian Parliament will discuss the pros and cons of General Anti-Avoidance Rules (GAAR) later in the day. Outcome of this will have an impact on rupee value against dollar.
Rupee has been depreciating against dollar in the last few days due to scarcity of dollar. If the domestic unit depreciates, then gold will fall less in India compared to international markets.
The stalemate on Greek election and a win of socialist party over the expelled incumbent, Mr Sarkozy, in the France election will help dollar strengthen against euro.
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