Rupee depreciation supports Gold futures

Posted By: Religare
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Rupee depreciation supports Gold futures
Gold futures rose in the domestic market on Friday as the depreciation of the Indian rupee against the US dollar more than offset the losses seen in the precious metal in the overseas market.

A weaker rupee against the greenback exerts upward pressure on domestic bullion prices.Gold futures fell in the overseas market amid speculation that US job growth accelerated in March, raising bets of continued QE taper, dimming the appeal of gold, a hedge against the inflationary risk of monetary stimulus.

Gold futures for April 2014 contract, at MCX, is trading at Rs. 28,466 per 10 grams, up by 0.11 per cent, after opening at Rs. 28,435, against the previous closing price of Rs 28,435. It touched an intra-day high of Rs 28,466. (At 11:08 AM).

Dion Global Solutions Ltd.

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