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Gold futures may trade weak taking cues from international markets.
However, one has to keep an eye on rupee movement against dollar. If it strengthens, gold prices in India may fall less compared to global markets.
Gold for delivery in August on the Multi Commodity Exchange had closed at Rs 29,660 per 10 grams on Saturday. In Mumbai spot market, it closed at Rs 2,850 per gram.
On Friday, the rupee had closed high at 55.61 against the dollar. On Thursday, it had ended at 56.80. This level was last seen on June 18.
On a weekly basis, the rupee had gained 2.64 per cent from last week’s close of 57.12 against dollar, the highest in over two-and-half years. It is expected to extend its Friday’s gain.
Gold prices in the international markets may fall amid expectations that the European economic conditions may worsen further even as the region fights to come out of the worst-ever debt crisis.
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