MCX Gold futures are expected to open higher following a late upmove in overnight floor trades in New York. The shiny metal jumped after Fitch Ratings cut Greece's sovereign-credit rating to C from CCC, and said that the planned bond swap for private debt holders will amount to a restricted default. News on Tuesday that Beijing had cut reserve requirements for lenders had helped gold and other metals rise. Weak Eurozone composite PMI data also supported gold. In overnight trades, Comex April gold futures made a late move higher to finish the US trading session higher, near the daily high and at a fresh three-month high on Wednesday. Gold for April delivery ended higher by $12.8 or 0.7%, to end at $1,771.3 an ounce on the Comex division of the New York Mercantile Exchange on Wednesday. It was highest level attained by the yellow metal since middle of November 2011. MCX Gold futures for April closed at Rs 28646, up Rs 266 on the day after testing highs of Rs 28728 per 10 grams. The counter is quoting $1774.90, up $3.60 per ounce on the day right now in global markets. We could see MCX futures rise towards Rs 28800 per10 grams during intraday moves.

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