Gold futures edged higher on Tuesday tracking global cues as investors took fresh positions in the commodity. Last week, Gold Futures hit its lowest level in eight months, as investors moved into equities. International gold was seen trading at $1,583 an ounce.
Gold sentiment was weighed by hopes of US economic recovery and a strong trend seen in US equities.
At the MCX, Gold futures, for the April 2013 contract, was trading at Rs 29,371 per 10 grams, higher by Rs 50 or 0.17% at 1.50 pm IST.
Silver futures were seen trading at Rs 54,695 per kgs higher by Rs 102 on the MCX.
The appreciation in rupee may weigh on futures sentiment. As the rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.