Gold edges up; Hopes of economic recovery weigh

Business

oi-Sneha

By Sneha B K

Published: Thursday, March 7, 2013, 12:39 [IST]

International gold inched up on Thursday, weighed by hopes of growing US economy as improvement in Jobs data indicated signs of recovery in the US economy which in turn dented gold sentiments.

International gold was struggling to breach above a key resistance level of $1,585 an ounce. Gold is likely to trade flat in the absence of any key factors driving its prices higher.

Gold on MCX for April delivery was seen trading at Rs 29,628 per 10 grams, higher by Rs 35 at 12.30 pm IST.

Silver inched up and was seen trading at Rs 55,145 per kg, higher by Rs 177 on the MCX.

The positive trend seen in the economy is making investors to look at other riskier investment avenues

Investors await the outcome of policy meet which is held later this month for further hints on monetary easing.

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