Gold & Silver

MCX gold may open at Rs 29,090 per 10 gm

Suresh P. Iyengar Mumbai | Updated on May 02, 2012

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Gold is likely to open weak in the futures market on Wednesday.

The yellow metal for June delivery at the Multi Commodity Exchange may open at Rs 29,090 per 10 grams on strong US manufacturing data.

In the Mumbai spot market, it opened marginally higher at Rs 2,833 per gram against the previous day close of Rs 2,830 per gram.

In the US market, gold was at $1,660 a troy ounce at 9 am on Wednesday. At Comex, it closed at $1,662 a troy ounce on Friday.

Strong US manufacturing data may weaken gold in the opening session. However, it may reverse its trend in India if rupee turns weak against dollar.

Demand for physical gold is expected to increase with equities in most Asian markets gaining and better manufacturing data posted in China.

Published on May 02, 2012

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