Gold futures at Multi Commodity Exchange opened on a positive note at Rs 28,210 per 10 grams against Saturday’s close of Rs 28,197. It touched a high of Rs 28,357.
MCX gold may move to Rs 28,450 per 10 gram. Mumbai spot gold was trading at Rs 2,710 a gram at 11.30 am. Gold in US market was at $1,642 a troy ounce
Indian rupee opened weak which would support gold prices. However, strong dollar index will restrict the positive price movement of gold.
Asian equities are trading with a downward bias. A higher-than-expected China’s inflation in March will support the sentiment in gold.
Analysts have dismissed the possibility that the data would dissuade Beijing from its pro-growth monetary policy. High inflation in China led to more demand for gold in 2011.
Last year, China's gold demand jumped 20 per cent compared to a 7 per cent rise in global demand, according to the World Gold Council.
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.