Gold may open strong on the back of sharp gains recorded in most Asian equity markets after Spain’s bailout package of €100 billion ($125 billion) for its banks was approved.
Besides, China posted positive economic data.
MCX gold August contract may open higher at Rs 29,760 per 10 grams against yesterday’s close of Rs 29,747 on Monday.
Gold in Mumbai spot market opened at Rs 2,878 per gram against the previous day close of Rs 2,886.
Investors need to keep a track on rupee movement against dollar. If it appreciates, gold prices will increase less in India.
Gold in US spot market was at $1,593 a troy ounce at 9 am on Tuesday. At Comex, the yellow metal closed at $1,590 a troy ounce on Monday.