International gold inches up on sluggish US data, weak dollar

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International gold inches up on weak US data, dollar
International gold inched up on Tuesday after sluggish US data boosted the safe haven demand for the bullion. International spot gold was seen trading at $1,600 an ounce.

Gold is finding support from the weak US manufacturing data. However, gold is expected to trade in narrow range in the absence of any trigger.

The metal was also supported by the fall in US dollar due to its inverse relationship with the greenback.

Historically, gold and dollar share an inverse relationship with each other and the recent slip in dollar has aided gold.

Domestically, gold futures for April delivery was seen trading lower by Rs 27 at Rs 29,495 per 10 grams on the Multi Commodity Exchange.

Silver futures, were seen trading at Rs 52,593 lower by Rs 132 on the (MCX) at 2.00 pm IST.

Read more about: gold, dollar, mcx
Story first published: Tuesday, April 2, 2013, 14:09 [IST]
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