Gold futures may open at Rs 30,020 per 10 gm


14/06/2012 08:11 AST  The Hindu Business Line
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Gold futures at the Multi Commodity Exchange may open marginally lower today following Moody’s downgrade of Spain and Cyprus.

Spain and Italy have appealed to European policy makers to step up their response to the crisis after a €100-billion ($125 billion) lifeline for Spanish banks failed to convince markets.

One needs to keep track of rupee movement against dollar. If it appreciates, gold prices would decrease more in India.

MCX gold August contract may open down at Rs 30,020 per 10 grams against yesterday’s close of Rs 30,050.

Gold in Mumbai spot market opened at Rs 2,918 per gram against the previous close of Rs 2,907.

In the US spot market, the yellow metal was trading at $1,617 a troy ounce at 9 am today. At Comex, it closed at $1,618 a troy ounce yesterday.

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