Moreover, reports that Japan is expected to take up fresh measures with an aim to weaken the yen in order to boost exports also boosted the gold prices.
Sentiment improved further as the dollar weakened against a basket of other currencies which sent the prices of the yellow metal rising as a weaker dollar boosted the demand for the precious metal as an alternative asset by making the bullion cheaper for those holding other currencies. The dollar index for June 2012 future was down 0.03% to trade at 81.06 on the Inter-Continental Exchange (ICE) US dollar future index at 11.21 AM IST today.
At the Commodity Exchange (COMEX), gold future for June 2012 delivery traded at US$1,589.4 per ounce, up by 0.04 per cent. It opened at US$1,593 against the previous closing price of US$1,588.7. It touched the intra-day high of US$1,594.4. (At 11.19 am IST).
Dion Global Solutions Ltd