Gold futures on MCX opened weak at Rs 28,640 per 10 grams against yesterday’s close of Rs 28,678. Gold prices may fall as rupee gained by about 50 paise against the dollar. The yellow metal in India has been trading on a weak note even as gold gained strength on the Comex.
Gold for June delivery on MCX is expected to touch Rs 28,350 by end of the day’s trading.
In Mumbai spot market, it opened at Rs 2,779 per gram against yesterday’s close of Rs 2,766 per gram.
In the US market, it was trading at $1594 a troy ounce at 11:50 a.m. today.
Gold is drifting as euro has strengthened against the dollar.