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Gold Firm Below $1,200; Strong Dollar Weighs
Gold prices inched higher on Tuesday on the back of lower equities, also weighed by a strong dollar as it reached a near nine-year high against a basket of currencies.
Dollar price and gold price are inversely related. Positive trend seen in the dollar will push gold lower.
International spot gold was seen at $1,182 an ounce. Trading is thin due to Christmas and New Year Holidays.
Investors are concentrating on developments in Greece any political imbalance could push safe-haven higher, as gold is considered as safe haven during turmoil. While, any hints on interest rate hikes in the US could dampen gold sentiments.
Market participants are having a bearish outlook on gold for the coming year.
Gold futures for February 2015 contract, at MCX, were trading at Rs. 26,820 per 10 grams, up by 0.21 per cent. It touched the intra-day high of Rs. 26,918 during the trade.
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