MCX Gold Falls Near Rs 31K As Rupee Gains

Spurt in global equities and generally lax demand kept Gold under check today in Asian trades. Most equities rose and commodities like crude oil remained under stress, limiting upside for Gold. The yellow metal is currently quoting at $ 1317 per ounce, down 0.40% on the day. These are the lowest levels in around six week for the commodity. The MCX Gold futures are currently trading at Rs 31043 per 10 grams, down 0.54% on the day as a recovery in Indian Rupee pulled the metal even more. Indian Rupee gained from its 14 month low and currently trades at 66.39 against the US dollar, up 0.30% on the day. This is a one week high for the local currency, which has benefitted from a strong undertone in domestic equities of late.

Key barometers scaled up, extending recent upside on strong global cues. The Sensex was trading above the psychologically important 35,000 mark after opening above that level. Positive cues from other Asian stocks boosted investors sentiment. IT shares witnessed buying momentum. Asian stocks edged higher as investors focused on a mix of ebbing geopolitical tensions, robust earnings and economic data. US stock benchmarks closed out little changed on Friday, as investors expressed muted enthusiasm following strong corporate results.