International Gold Slip as Dollar Recovers

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International gold reversed gains from the previous session after dollar recovered against basket of currencies.

International spot gold was seen at $ 1,224 an ounce.

Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand for yellow metal.

International Gold Slip as Dollar Recovers

On Wednesday, gold steadied near seven-week highs, supported was weak equity market and dollar. Gold gained on fresh political turmoil in Greece and slowing growth in China. Gold is considered as an alternative investment against riskier assets such as equities

However, spilling oil prices weighed on the gold sentiment as they tend to move in tandem with oil.

At MCX, gold futures for February 2015 contract, was seen trading at Rs. 27,110 per 10 grams, lower by 0.30 per cent,.It touched an intra-day low of Rs 27,070 per 10 grams.

Market analysts said trimming of positions by speculators tracking a weak trend in the overseas market mainly put pressure on the precious metal at the futures trade here, said the PTI report.

Read more about: gold, dollar
Story first published: Thursday, December 11, 2014, 15:03 [IST]
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