Gold Rate Today: Gold losses sheen on strong rupee, surging equities

NEW DELHI: Gold suffered a strong loss in futures trade on Monday as strong gains in riskier equities made investors avoid bets in safe-haven metal.

Domestic equity market saw solid gains after exit polls suggested a landslide victory for the BJP-led NDA in the general elections.

Rupee's sharp rise against the US dollar also dented the yellow metal as stronger rupee brings gold prices down and spurs consumption in the country.



At the time of writing of this report, the rupee traded 62 paise up against the dollar at 69.60.

Negative global cues further hit the mood. Gold traded near a two-week low as strong US economic data underpinned the dollar.

Silver also declined, in sync with gold prices, dragged by a fall in demand by industrial units and coin makers.

The MCX Gold was trading at Rs 31470 per 10 grams, down by Rs 321, while MCX Silver was trading at Rs 36228 a kilo, down by Rs 349 around 11:05 am.