India Business News: Gold and silver prices opened with little movement on the Multi Commodity Exchange (MCX) on Tuesday following a weakening of the US dollar after softer-than-expected US jobs data.
Gold prices firmed on Monday as expectations that the Federal Reserve will start cutting interest rates later in the year and tensions in the Middle East boosted the allure of the non-yielding bullion.
On the Multi Commodity Exchange, gold contracts for June delivery traded higher Rs 362 or 0.51 per cent at Rs 71,030 per 10 grams in a business turnover of 18,568 lots.
Amid easing Middle East tensions, safe haven buying in bullion seems to be diminishing as gold prices on MCX for June futures contracts fell by Rs 102 or 0.14% on Friday to trade at Rs 70,634 per 10 grams while MCX July silver contracts were down by Rs 44 or 0.05% to Rs 81,319 per kg.