International Gold Inches Up; Eyes Third Weekly Drop

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International gold inched up on Friday, however, heading for the third weekly decline. Strength in dollar weighed on the gold sentiment. International spot gold stood at $1,185 an ounce.

As per the report, the bullion in 2014 ended nearly 2 per cent lower, following a 28 per cent slip in the previous year.

International Gold Inches Up; Eyes Third Weekly Drop

Traders and analysts expect a year ahead to be tough for gold as US Fed is likely to hike interest rates in the middle of the year.

Gold futures fell marginally in the domestic market on Friday weighed by strong dollar sentiment. Stronger dollar makes the precious metal expensive for those holding other currencies, thus reducing demand. Check gold rates here.

At 3.05 pm IST, on MCX, gold futures for February 2015 contract was trading at Rs 26,675 per 10 gram, down by 0.09 per cent after touched the intra-day low of Rs 26,624 during the trade.

Read more about: gold, mcx
Story first published: Friday, January 2, 2015, 15:07 [IST]
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