Gold Recovers After Slipping in Previous Session

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International gold on Monday recovered after slipping in previous session on strong US jobs data.
International gold was seen at $1,173 an ounce, which is still near 3-week low.

Better than expected US employment data hinted that there will be a hike in interest rates in coming policy meet before the year end.

Gold Recovers After Slipping in Previous Session

Strong data pushed dollar higher against yen and other basket of currencies weighing on the gold sentiment. A stronger dollar will reduce the demand for gold as an alternative asset.

At the MCX, Gold futures for June 2015 contract were seen trading at Rs 26,810 per 10 gram, up by 0.33 per cent at 1.50 PM IST. It touched an intra-day high of Rs 26,840 during the trade.

Investors and speculators will closely uncertainty over Greece. Any turmoil in Greece will boost the safe haven demand for the bullion.

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