In Indian MCX gold futures are likely to surge past their highest level in two weeks, helped by expectations of a further depreciation in the rupee. More Information about free mcx tips visit my site

The most-active mcx gold for August delivery on the Multi Commodity Exchange hit a high of Rs 29,398 per 10 grams, a level last seen on July 11. At 9:27 GMT, mcx gold was trading up 0.27% at Rs 29,355 per 10 grams.

"MCX Gold will certainly find assistance from the rupee's devaluation, and also, some assistance from European main financial institution buying," said Gnanasekar Thiagarajan, home with Mumbai-based Commtrendz Research.

Buying is recommended in mcx gold on a dip to Rs 29,250, for a target of Rs 29,400-29,500, with a stop loss at Rs 29,100, said Thiagarajan.

The rupee, which hit its minimum in a week, performs an important part in identifying the arrived cost of the dollar-quoted gold.

In the overseas stock market, Russia's central bank raised its mcx gold reserves by 6.3 tonnes to 836.4 tonnes in June. Central-bank buying has underpinned mcx gold's rallies in the last several years.

MCX Silver futures, which traded steady on Monday, could fall due to a weakness in base metals. MCX Silver for September delivery on the MCX was trading 0.12% lower at Rs 52,778 per kg.

Selling is advised in mcx silver on rallies to Rs 52,800, for a target of Rs 51,900, said Thiagarajan.

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