Akshaya Tritiya has no impact, gold loses glow influenced by global cues

KOLKATA: Gold for June contract dropped by 1.16% on MCX on Monday, the day of Akshaya Tritiya when Indians prefer to buy gold. On Friday gold closed at Rs 30,378 per 10 gm but on Monday it opened at Rs 30,215 per 10 gm and then dropped further.

During the afternoon session gold for June contract on MCX was hovering around Rs 30,024 per gm. "Corrections in the global market has brought down prices in India as well," said Hareesh V, senior analyst, Geofin Comtrade.

After hitting $1,300 an ounce last week, gold inched down on Monday as the US dollar started to regain some strength.The greenback climbed against the Japanese yen on Monday following Friday’s decline, which was triggered by weak employment data in the United States. A weaker US dollar had been a major factor behind the bullion’s recent rally.

On Monday gold in in the international market slipped to $1278.20 per troy ounce from $1288 per troy ounce from Friday's closing.