Akshaya Tritiya and Gold Rates
Gold fell two per cent to a two-week low on Friday (May 10, 2013), as a breach of key chart levels prompted heavy selling of US futures, already under pressure from a stronger dollar and rising stocks markets.
Traders said sell stops were triggered as the metal broke support at $1,445 an ounce, prompting a sharp move down to session lows at $1,428.40 an ounce.
While Mumbai's bullion market was closed on the day to protest against newly introduced local body tax, gold fell on the MCX. June futures were down 1.6 per cent to Rs 26726 per 10g Friday evening.
The fall could have been steeper but the rupee closed one per cent lower against the dollar, limiting the fall in gold prices.