International gold rose on back of weak dollar as investors await cues from Janet Yellen on interest rates. Spot gold was seen trading higher at $ 1,323 an ounce.
Investors are trading cautiously and track any development in Yellen comments which may help gold sentiment. Weakness in Dollar ahead of speech boosted gold sentiment.
Any hint of an increase in US interest rate will badly impact gold sentiments as it will boost dollar and other investments.
Indian gold following a similar trend edged higher. Gold futures on the Multi Commodity Exchange for immediate delivery was seen trading at Rs 31,018 per 10 grams, higher by Rs 90 or 0.29 per cent. It touched an intra-day high of Rs 31,021 during the trade.
Gold futures on the Multi Commodity Exchange for far month delivery was seen trading at Rs 31,225 per 10 grams, higher by Rs 95 or 0.31 per cent.