International gold trades firm as investors sell risky assets

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International gold firm as investors sell risky assets
International gold firmed up on Monday after slipping on Friday after robust US economic data dampened gold sentiment.

International gold was seen trading at $1,578 an ounce, marginally up as investors sold equity and placed bets on gold, following the signing of fresh spending cuts by the US President.

On Friday, automatic spending cuts kicked in which could hurt the US economy.

Investors bet on gold, as the sequester cuts would pull down growth in the US. However, dollar stood near six- month high. Stronger dollar will make dollar-priced commodities costly for buyers holding other currencies.

At the MCX, Gold futures, for the April 2013 contract, was trading lower at Rs 29,702 per 10 grams at 3.00 pm IST.

Recent swings in gold prices have tarnished its reputation as a safe haven, and bullion has moved in tandem with riskier assets.

Read more about: gold, mcx
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