Gold Prices Fall As Dollar Gains

Gold prices dropped marginally in trade, as the dollar strengthened against a basket of currencies.

The losses in the precious metal was largely unexpected given the fact that there were political jitters, following the outcome of the referendum in Italy, where there was a "no" vote to reforms.

Spot gold fell to $1175 an ounce in the international markets, while US gold Futures was down marginally at $1778 an ounce.

In the Indian markets gold was flat compared to last week's rates, as investors continued to weight and watch. The precious metal last week hit a six month low on sustained selling.

The precious metal is likely to trade in a range in the coming days.

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