Gold futures dip amid rupee appreciation

Posted By: Religare
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Gold futures dip amid rupee appreciation
Gold futures were trading lower in the domestic market on Tuesday as a stronger rupee against the US dollar more than offset the gains in the precious metal in the overseas market.

A rise in the rupee against the greenback tends to exert downward pressure on domestic bullion prices.

Gold futures were trading higher in the overseas market on Tuesday as a rise in safe haven demand for gold amid the deepening Ukrainian crises overshadowed reduced stimulus outlook in the US.

Holdings in the biggest exchange-traded product, SPDR Gold Trust expanded to the highest level this year, up 0.9 percent to 812.7 metric tons.

Gold futures for April 2014 contract, at MCX, is trading at Rs. 30,030 per 10 grams, down by 0.31 per cent, after opening at Rs. 30,025, against the previous closing price of Rs 30,123. It touched an intra-day low of Rs 29,963. (At 11:53 AM).

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