Comments
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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.