Gold trades higher; awaits minutes of Fed meeting

International gold was trading higher with traders eagerly awaiting the minutes of the Fed Reserve meeting to be made known today.

International spot gold also edged up on Japan's monetary easing measures which boosted gold as it is considered as hedge against inflation. Spot gold was trading at $1587 an ounce.

However, strong gains in equities will could weigh on the metal as investors may shift focus to other riskier assets.

Gold futures for June 2013 contract, at MCX, were trading at Rs. 29,683 per 10 grams, up by 0.12 per cent after opening at Rs. 29,699 against the previous closing price of Rs. 29,647.

In India, gold prices are expected to pick due to up coming wedding season.

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