Gold Trades Steady As Markets Await More Cues

Gold prices were trading steady and were marginally up in trade. There was virtually no cues for the precious metal.

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Gold prices which gained marginally last week, having the best week in three, managed to show some modest gains in early trade.

Spot gold was up 0.03 per cent at $1265.70 an ounce, which was almost little changed over Friday's close.

Gold Trades Steady As Markets Await More Cues
Gold has hardly moved in the last few weeks and there have been not many triggers for the precious metal. In the futures market in India, gold for October delivery was trading at Rs 3024 per gram. This was marginally higher by 0.40 per cent over Friday's close.

In fact, analysts are waiting for some clue from interest rates in the US and to see if the US Federal Reserve does hike interest rates in December.

Check gold rates here

Gold prices are extremely sensitive to interest rates and any hike in the rates in December in the US could lead to a drop in gold prices.

Already, gold has rallied significantly since the start of the year.

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