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Gold on MCX is trading below Rs 30,000 per 10 grams on concerns of QE tappering by Federal Reserve. Also, the appreciation in the rupee has gold prices to come under pressure.
Federal Reserve is expected to cut down their bond buying programme and this is putting pressure on the price of gold.
Gold on the MCX in currently trading at Rs 29,370 per 10 grams, down 1.2%. Gold hit a low of Rs 29,336 per 10 grams in early trade.
Also, last evening the Finance Ministry hiked duty on gold jewellery imports to 15% from 10% hence causing all jewellery stocks to trade up.
