Gold futures fell in the domestic market on Monday as a stronger rupee against the US dollar more than offset the gains seen in the precious metal in the overseas market. An appreciation in the Indian currency exerts downward pressure on domestic bullion prices. A weaker dollar boosted the demand for Gold as an alternative asset, pushing Gold futures higher in the overseas market. Meanwhile, signs of a pickup in physical demand for Gold also boosted sentiment as Swiss gold imports climbed to the highest level in a year. At the MCX, Gold futures for February 2015 contract is trading at Rs 26,935 per 10 gram, down by 0.23 per cent after opening at Rs 26,965, against the previous closing price of Rs 26,998. It touched the intra-day low of Rs 26,935 till the closing. (At 10:35 AM).Rupee appreciation weighs on bullion
Gold futures fell in the domestic market on Monday as a stronger rupee against the US dollar more than offset the gains seen in the precious metal in the overseas market. An appreciation in the Indian currency exerts downward pressure on domestic bullion prices. A weaker dollar boosted the demand for Gold as an alternative asset, pushing Gold futures higher in the overseas market. Meanwhile, signs of a pickup in physical demand for Gold also boosted sentiment as Swiss gold imports climbed to the highest level in a year. At the MCX, Gold futures for February 2015 contract is trading at Rs 26,935 per 10 gram, down by 0.23 per cent after opening at Rs 26,965, against the previous closing price of Rs 26,998. It touched the intra-day low of Rs 26,935 till the closing. (At 10:35 AM).
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