Gold Trades Lower on Profit Booking

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International gold steadied near 3 week high on Wednesday after rallying over one percent in the previous session. International spot gold was seen at $1,215 an ounce.

Gold Trades Lower on Profit Booking

The gains in the gold was mainly due to fall in equities globally and anxiety over elections in Greece supported sentiments further.

Gold prices may continue to rally as investors seek gold as a safe haven asset amidst the political uncertainty in Greece.

Gold stood strong despite strength in the dollar, and a downtrend seen in oil prices which could have weighed on the yellow metal.

Speculators and traders booked profit after the short rally. At the Multi Commodity Exchange, gold prices for delivery in February was trading lower by Rs 122 to Rs 27,272 per 10 grams.

Investors await more cues from key economic data due from Europe and the US later in the day.

Read more about: gold
Story first published: Wednesday, January 7, 2015, 15:10 [IST]
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