MUMBAI (Commodity Online): Gold futures soared Wednesday in the domestic market in line with firming global sentiments. However, experts said that the domestic yellow metal prices are expected to face range bound today on rupee’s appreciation.

MCX gold April futures tad higher at Rs 16, 734/10 grams, tracking uptrend in overseas gold prices.

Gold fell yesterday on stronger dollar which gained considerably against the euro and the Pound. UK’s widening trade deficit lifted the dollar and undermined alternative investment demand for precious metals.

Gold also came under pressure after China denied considering gold as reserve investment to diversify its forex reserves. However, the yellow metal recovered from its intra-day low of $1,108.20/oz to close at $1,122.30/oz, on strike concerns in one of the Silver mines in Peru which is the largest producer of silver and sixth largest of gold.

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MCX Gold futures for immediate delivery fluctuated between Rs. 16,581 and Rs. 16,753/10 gm before closing marginally down at Rs. 16,727/10 gm. Indian rupee depreciated by 0.23 percent to 45.6350 and limited the fall of domestic gold futures on MCX.

Gold steadies in Asia at $1,123.50/oz while the dollar index is little changed. US wholesale inventories are rising further and thus showing weaker demand which could hurt the dollar during the day.

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