Gold prices gained 0.09 per cent on Monday as investors noted manufacturing data out of China at the weekend and looked ahead to a private estimate tomorrow. On Tuesday, comes the closely-watched Caixin manufacturing PMI for April, which last came in at 49.7. Markets in China are shut on Monday for a holiday. China April CFLP manuacturing index came in at 50.1, below expectations. The CFLP service PMI eased to 53.5 from 53.8.
At the MCX, Gold futures for June 2016 contract is trading at Rs 30,294 per 10 gram, up by 0.09 per cent after opening at Rs 30,300, against the previous closing price of Rs 30,266. It touched the intra-day high of Rs 30,360.
However, a stronger dollar reduced the appeal of gold as an alternative asset. Stronger greenback makes the bullion expensive for those holding other currencies, thus reducing demand.
At the MCX, Gold futures for June 2016 contract is trading at Rs 30,294 per 10 gram, up by 0.09 per cent after opening at Rs 30,300, against the previous closing price of Rs 30,266. It touched the intra-day high of Rs 30,360.
However, a stronger dollar reduced the appeal of gold as an alternative asset. Stronger greenback makes the bullion expensive for those holding other currencies, thus reducing demand.
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