MUMBAI: India gold futures fell by more than 1 per cent on Monday morning weighed by a strong rupee, which hit its highest level in more than a month, analysts said.
The most-active August contract was trading 0.57 per cent lower at Rs 18,741 per 10 grams at 10:14 am, after hitting a low of Rs 18,600 but well off its all-time high of Rs 19,198 struck on June 8.
The rupee rose to its strongest level in more than a month after China said over the weekend it would let its currency appreciate gradually in a move the markets have long awaited. A strong rupee makes the dollar-quoted yellow metal cheaper for local buyers.
