Gold edges lower; strong dollar weighs

Gold futures reversed yesterday's gains and were seen trading lower, with gold futures for February 2012 contract, on MCX trading at Rs 30,768 per 10 grams, lower by 0.40% or Rs 124 at 2.05 pm IST.

MCX silver futures were trading lower, silver for March delivery was seen trading at Rs 59,280 per kg, lower by Rs 438.

Spot gold on MCX was seen higher at Rs 30,598 per 10 grams. Delhi spot gold of 99.9 and 99.5% purity was at Rs 30,950and Rs 31,125 per 10 grams, respectively.

International gold price was seen trading flat at $1,682 an ounce. Globally, investors remained sidelines on worries about the duration of ultra-loose monetary policy.

Firmness in the dollar may further weigh on the yellow metal. The dollar is strengthening against other major currencies, which may prompt investors to close bets in yellow metal.

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