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MCX Gold futures slumped today as the Indian Rupee soared to fresh ten-month highs

MCX Gold futures slumped today as the Indian Rupee soared to fresh ten-month highs and a dull undertone in global prices hurt the local sentiments. The yellow metal slumped under $1300 per ounce yesterday and is getting squeezed in world markets too. The commodity is quoting at $1293.30 per ounce, down 30 cents per ounce on the day. MCX Gold futures are trading at Rs 28099 per 10 grams, down Rs 309 per 10 grams on the day.

The Rupee extended its gains today as the SENSEX hit a historic mark of 25000 on a volatile day. Extending its rising streak, the Indian rupee appreciated by around 50 paise to trade at fresh 10-month high of 58.90 against the dollar as the BJP cruised towards a massive win in the general elections.

Gold has been supported in the current week on geopolitical worries. Ukraine`s interim leaders mulled plans to give regions greater autonomy in talks today ahead of presidential elections on May 25 but the exclusion of pro-Russian separatists is threatening the whole process. Gold has soared above $1300 per ounce mark - which also boosted the buying.

US Federal Reserve Chair Janet Yellen stated yesterday that U.S. small businesses have accounted for more than half the job gains during the nearly 5-year-old economic recovery. The economy has regained 8.6 million jobs since early 2010, leaving it about 100,000 jobs short of the 138.4 million that existed in January 2008 near the start of the recession.

Shubhlaxmi Harish

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