Spot gold opens lower in Mumbai

MUMBAI: Spot gold opened lower in Mumbai Tuesday, as local prices took cues from global gold rates that continue to be on a downtrend.

In Mumbai, gold opened Rs 60 rupees lower at Rs 26,240 per 10 grams (ex-tax).

Overseas gold traded marginally higher at $1,167.35 an ounce in early noon trade. Traders expect the metal to give up the gain during the day.

Kumar Jain of jeweller UT Zaveri in Mumbai's famous Zaveri Bazaar market said the international price could decline to $1,158 by the end of the day. However, he said, a weaker rupee could cushion the fall in Indian prices.

The Multi Commodity Exchange, the main Indian commodity exchange for trading metals and energy contracts, is closed until 5 pm on Tuesday for Muharram holiday.