Gold & Silver

Gold futures may open weak on MCX

Suresh P. Iyengar Mumbai | Updated on April 24, 2012

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Gold may continue its downslide as investors prefer to hold their investment in cash over other form of investments. This may largely be due to looming uncertainty in the Euro Zone.

Prices of yellow metal declined to a two-week low as a stronger dollar curbed the demand for the metal as an alternative investment.

The dollar gained 0.6 per cent against a basket of currencies on concerns over the outcome of French presidential elections. Services and manufacturing activity in the Euro Zone fell more than estimated in April. Data on China’s production indicate that it will continue to contract.

Gold for June delivery at the Multi Commodity Exchange may open at Rs 28,785 per 10 grams against Monday’s close of Rs 28,803. However, gold prices in India may fall less compared to international markets, if rupee depreciates against dollar.

Gold in Mumbai spot market opened at Rs 2,794 per gram against Monday’s close of Rs 2,778 per gram.

Gold in US market was at $1,636 a troy ounce at 9 am on Tuesday.

Published on April 24, 2012

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