Rupee appreciation weighs on Gold futures

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

An appreciation in the Indian currency exerted downward pressure on domestic bullion prices.

Gold futures continued the upward trend in the overseas market as deepening crises in Ukraine amid worsening tensions between Russia and Ukraine as Russian military forces moved near the Ukrainian border, boosted the safe haven demand for the bullion.

Gold futures for April 2014 contract, at MCX, is trading at Rs. 30,403 per 10 grams, down by 0.23 per cent, after opening at Rs. 30,537, against the previous closing price of Rs 30,472. It touched an intra-day low of Rs 30,391. (At 11:39 AM).

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