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Gold is likely to be in a range as rupee gained about 18 paise against dollar. The market may look for a direction from the Federal Open Market Committee meeting.
MCX gold June contract opened at Rs 28,870 per 10 grams against Tuesday’s close of Rs 28,873.
In Mumbai spot market, the yellow metal opened at Rs 2,807 per gram against Tuesday’s close of Rs 2,794 per gram. Gold in US market was at $1,643 a troy ounce at 12 noon on Wednesday.
Reversing its two-day losing streak, the rupee gained 18 paise to 52.50 against the US dollar in late morning trade. This was on the back of renewed selling of the American currency by banks and exporters in view of weak global cues.
Spain’s central government budget deficit narrowed in the first quarter.
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