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After a weak opening, gold prices at the futures market may fall further taking cues from the Euro Zone.
The European Central Bank has resisted calls from the International Monetary Fund and US Treasury to stem the debt crisis.
Gold for June delivery on the Multi Commodity Exchange opened at Rs 28,685 against Saturday’s close of Rs 28,701. It may test Rs 28,600 per 10 grams as the day progresses.
Rupee has depreciated by 20 paise against dollar. This development may keep a check sharp fall in gold prices.
In Mumbai spot market, gold opened at Rs 2,778 per gram, unchanged from Saturday's close.
In the US market, the yellow metal was at $1634 a troy ounce at 1 pm today. At Comex, gold closed at $1,642 an ounce on Friday.
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