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Gold Lower on Rupee Appreciation
International gold was seen trading marginally higher on Monday. However, gains were capped by rally in equities and dollar. While, some buying activity was seen in Asia.
International spot gold was seen at $1,197 an ounce.
A strong dollar dragged gold lower as an alternative asset, weighing on the sentiment. Stronger greenback makes gold more expensive for those holding other currencies, thus reducing the demand.
Fed Chair Janet Yellen ruled out a rate hike before April. Any hike in interest rates put downward pressure on gold sentiment.
In India, stronger rupee against the US dollar, offset the gains seen in the precious metal in the overseas market. Means, any appreciation in the Indian currency against dollar weigh on domestic bullion prices. At the MCX, Gold futures for February 2015 contract is trading at Rs 26,942 per 10 gram, down by 0.21 per cent.
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