INR Strength Pulls Down MCX Gold Futures

MCX Gold futures slipped today as strength in the Indian Rupee clubbed with profit selling ahead of the weekend capped the upside in the prices. Gold has gained in local markets following the recent break above Rs 31000 per 10 grams and amid a recovery in global prices. COMEX Gold edged up above $ 1300 per ounce levels but failed push further and currently trade at $ 1303 per ounce, down marginally on the day. MCX Gold futures are currently trading at Rs 31245 per 10 grams, down 0.73% on the day. The Indian Rupee gained for a second session today, backing off its 18 month low. Domestic equity market continued its upward march in mid-afternoon trade, backed by strength in IT, banks and metal shares.