International gold trades at $1,700; dollar firm

Gold inched up marginally on Friday as the dollar surged against major currencies. International gold prices were hovering around the $1703 per ounce mark.

Historically, gold and dollar share an inverse relationship with each other and the recent rise in dollar has aided gold.
International spot gold has fallen 5% since early October over the impasse of a Spain bailout.

Investors await the U.S. Third-quarter gross domestic product data, which is due later today and may dictate the trend of gold.

On Thursday, gold futures on the MCX ended the day higher by 0.31% to Rs 30,940 per 10 grams. The MCX was closed for trades on Friday.

Delhi spot gold of 99.9% and 99.5% purity was seen at Rs 31,200 and Rs 31,00 per 10 grams, respectively.

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