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Gold is likely to trade with a negative bias on strong dollar. Asian stocks fell with the regional benchmark index snapping a two-day gain.
The cut in Spain’ credit rating overshadowed better earnings posted by Samsung Electronics and the Bank of Japan’ move to expand economic stimulus.
Rupee has depreciated which would support the gold price movement in India.
MCX gold June contract opened at Rs 29,005 per 10 grams against yesterday’s close of Rs 29,030.
In Mumbai spot market, the yellow metal opened at Rs 2,825 per gram against the previous close of Rs 2,809 per gram.
Gold in the US market was at $1,654.50 a troy ounce at 9 am today.
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