Gold futures tad lower amid rupee appreciation

Posted By: Religare
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Gold futures were trading with slim losses in the domestic market on Tuesday as a sharp appreciation in the Indian rupee more than offset the gains seen in the precious metal in the overseas market. A higher rupee against the dollar exerts downward pressure on domestic bullion prices.

Gold futures rose in the overseas market as rising tensions in Ukraine amid violence in the country's eastern part as Kiev moves to dislodge pro-Russian separatists boosted the safe haven demand for the bullion.

Gold futures for June 2014 contract, at MCX, is trading at Rs. 28,916 per 10 grams, down by 0.07 per cent, after opening at Rs. 28,913, against the previous closing price of Rs 28,935. It touched an intra-day low of Rs 28,890. (At 10:22 AM).

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