Gold may open on the higher side as Asian stocks rose the most in more than two months.
The euro reached a two-week high against dollar and oil registered its highest gain since January.
The positive vibe in the market was on the back of Spain getting a bailout package of €100 billion ($125 billion) for its banks and China beating export estimates.
MCX gold for August delivery may open at Rs 29,570 per 10 grams against the previous close of Rs 29,544.
However, one needs to keep track of the rupee movement against dollar. If it appreciates, gold prices would increase less in India.
In Mumbai spot market, gold opened at Rs 2,872 per gram against the previous close of Rs 2,863.
In US spot market, the yellow metal was trading at $1,596 a troy ounce at 9 am today. At Comex, it closed at $1,692 a troy ounce on Friday
Demand for gold investment in China may gain more than 10 per cent this year as buyers seek a safe haven from Europe’s debt crisis and on the prospect of weakening currencies.
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