Gold futures may remain rangebound


19/06/2012 09:17 AST  The Hindu Business Line
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Gold futures may remain rangebound.

Gold for August delivery at the Multi Commodity Exchange had closed at Rs 30,200 on Monday. It may trade lower between Rs 30,100 and 30,300 per 10 gram on Tuesday.

However, the rupee has depreciated against dollar as the RBI left all rates unchanged. This may help gold prices move up in India.

In Mumbai spot market, the yellow metal opened at Rs 2,959 a gram.

Most Asian stocks fell as Spain's borrowing cost climbed to a record high registered in the Euro Zone. Expectations of Greece election outcome rescuing Europe’s debt crisis faded.

Emerging nations will announce their contribution to the International Monetary Fund at a Group of 20 meeting in Mexico.

US spot gold price was at $1,628 a troy ounce at 9 am up by $3 from Monday’s closing.

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