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Gold recovers after a fall; strong equities weigh

Gold recovers after a fall; strong equities weigh
International gold recovered some of it losses on Tuesday after it fell to $1,569 an ounce. On Monday, the yellow metal was weighed down by strong equities ahead of earnings season.

Spot gold was seen trading at $1,576 an ounce as jewellers and speculators looked for bargains after prices dropped.

Sentiment dampened after George Soros said gold had been destroyed as a safe-haven asset, but that he expected continued central bank buying to support prices.

Also, dollar softening against major currencies also supported the gold prices.

Domestically, gold futures were trading marginally down by Rs 27 at Rs 29,513 per 10 grams at 12.24 pm IST.

Read more about: gold equities
Story first published: Tuesday, April 9, 2013, 12:44 [IST]
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