Manoj Jain of Prithvi Finmart expects gold prices to be in an uptrend with likely resistance at Rs 59,400-Rs 59,720 per 10 grams for the April contract on Multi Commodity Exchange of India.
After two consecutive days of gains, Indian stock indices declined marginally in early trade on Tuesday, weighed down by a consistent depreciation of the rupee.
With the dollar surging, gold hit a six-month low, falling 1.9% to $1,774.26. By contrast, the Blombertg Dollar Spot Index climbed 1.1% as other precious metals, including silver and platinum, saw drops.