Gold Futures lost further ground in trade as the rupee strengthened against the dollar. Gold for March delivery was last trading down by Rs 151 on the MCX at Rs 28,400.
Gold futures has been consistently losing ground on the back of a fall in the rupee and on a drop in international prices. The rupee has strengthened considerably against the dollar and is now trading at Rs 60.15 after earlier hitting a low of Rs 68.81 against the dollar. This has helped push gold prices lower in the domestic markets.
Meanwhile, gold in the international markets recently hit a new 6-week low of $1298 an ounce. Spot gold in the international markets is now trading at $1302 an ounce.
Last year gold fell for the first time in 12 years as sentiments for the metal turned bearish as investors shifted attention to equities following recovery in economic growth around the globe.
Dealers say this trend is likely to continue at least into the near future. Check gold rates here
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