Gold futures steady near one-week low

Gold prices in India steadied near their lowest level in a week on Friday, following a similar trend in overseas markets, with a stronger rupee weighing on sentiment.

The most-active gold for April delivery on the Multi Commodity Exchange (MCX) was 0.07 per cent lower at Rs 29,367 per 10 grams, after hitting a one-week low of Rs 29,260, a level last seen on March 8.

The rupee, which strengthened on Friday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

Gold in the overseas market hovered near $1,590 an ounce on Friday as upbeat US labour data added to evidence of an economic recovery that makes safe-haven assets like the precious metal less attractive.

"There is not much activity as traders and investors are selling gold at a discount to bank price," said a bullion dealer with a private importing bank.

Silver for May delivery on the MCX was 0.15 per cent higher at Rs 54,372 per kg.

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