A stronger rupee against the greenback exerts downward pressure on domestic bullion prices.
Further, speculation that the US Federal Reserve may continue tapering QE after jobless claims and economic growth data on Thursday signaled an improving US outlook, dimmed the appeal of the bullion, a hedge against the inflationary risk of monetary stimulus.
Gold futures for April 2014 contract, at MCX, is trading at Rs. 28,426 per 10 grams, down by 0.08 per cent, after opening at Rs. 28,360, against the previous closing price of Rs 28,449. It touched an intra-day low of Rs 28,315. (At 11:37 AM).
Dion Global Solutions Ltd.