International gold trades below $1,600; US data weighs

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International gold trades below $1,600
International gold continued it losing streak and was seen trading below $1,600 an ounce on Wednesday after the strong US data dented the yellow metal sentiment. While, lingering worries over euro zone supported the prices.

The hopes of the US economy recovery may dent the gold sentiment further. Strengthening of dollar against euro and other major currencies weighed on the precious metal. International gold was seen at $1,594 an ounce.

Domestically, trading of futures were closed on account of Holi festival. A recent downtrend seen in futures may be due to profit booking by speculators and lower demand in the markets amid weak overseas trend

As on March 26, Mumbai spot gold of 99.9% purity was seen at Rs 29,965 per 10 grams and gold of 99.5% was seen at Rs 29,830 per 10 grams.

Read more about: gold
Story first published: Wednesday, March 27, 2013, 16:48 [IST]
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