Gold Trades Flat; Dollar Eyed for Cues

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Gold Trades Flat; Dollar Eyed for Cues
Gold futures were seen trading flat on Tuesday tracking weak overseas trend as investors and speculators stayed cautious and eyed U.S. economic data and the dollar for cues.

International spot gold was seen at $1,198.30 an ounce. Traders await for direction from the US data release later in a day and impact on dollar which will set the direction for gold.

Strengthening in dollar will dampen gold sentiment as it makes dollar-denominated gold more expensive for holders of other currencies.

On Multi Commodity Exchange, gold futures for latest delivery was seen trading at Rs 26,464 up by 0.05% after opening at Rs. 26,492, against the previous closing price of Rs 26,480 at 2.40 PM IST.

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Read more about: gold futures, dollar
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