Precious Metals Preview: MCX Gold Falls Near Two Week High

MCX Gold futures are expected to see a tepid movement today as the Indian Rupee has firmed up. The rupee soared by 48 paise to close at one-month high of 70.70 per US dollar. The rupee rose for a sixth session due to sales of the greenback by foreign banks, likely on behalf of foreign portfolio investors and exporters. This weighed on MCX Gold while COMEX futures showed a sideways movement. COMEX Gold futures are currently trading at $ 1316 per ounce, up marginally on the day. MCX Gold futures closed around Rs 32850 per 10 grams after following the break under Rs 33K, down around 0.30% on the day. These are the lowest levels in two weeks for the local futures.