Gold trades lower; strong dollar weighs

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Gold trades lower; strong dollar weighs
Gold futures fell on Friday weighed by the strong dollar amid weak global cues. Sluggish physical demand also dragged sentiments lower.

International gold was seen trading at $1,672 an ounce. European Central Bank kept the rates untouched despite few improving signs in the economy.

Tokyo gold futures hit a record high to a 2-1/2-year low against the dollar on hopes of further monetary easing by the Bank of Japan.

Domestically, gold for February delivery on the Multi Commodity Exchange (MCX) at 2.10 pm IST, was trading at Rs 30,886 per 10 grams, lower by Rs 50.

While, silver for March delivery on MCX was trading at Rs 58,548 per kgs, lower by Rs 132.

As on January 11, gold prices for 99.9% in major cities were prevailing around Rs 30,920 in Mumbai, Rs 30,785 in Ahmadabad, Chennai spot gold was seen at Rs 31,000 per 10 grams and Delhi spot gold was also seen at Rs 31,000 per 10 grams.

Gold may lose its sheen if dollar strengthens against major currencies, which will prompt investors to close off bets in yellow metal.

GoodReturns.in

Read more about: gold, silver, mcx, futures
Story first published: Friday, January 11, 2013, 14:18 [IST]
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