Gold prices traded firm today as the dollar dipped against the euro, but gains were capped by bets the US currency could extend its recent rally to three-month highs, reports Economic Times.
In the previous week, gold fell below a psychological support of USD 1,100 to a six-week low USD 1,094.50 before gaining some ground. It had risen as high as USD 1,118.70, still about 9% below the record above USD 1,220 marked on December 3.
Spot gold was at USD 1,113.80 an ounce compared with USD1,112.25 late in New York on Friday. Silver was at USD17.34 an ounce from USD17.26. Platinum at USD1,431.50 from USD1,427.50. Palladium at USD363.50 from USD359.50.
The dollar dipped against the euro on Monday but still hovered near its highest point in more than three months as currency players anticipated more short covering in the greenback in a holiday-shortened week. Oil steadied on Monday after a 1% rise on Friday, as Iranian troops partly withdrew from a disputed oil area in Iraq, easing tensions between two major crude exporters.
