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Gold remains steady

FXStreet (Mumbai) - Gold prices have remained largely unchanged during the last couple of hours as the rebound in the US Dollar Index capped the gains arising from the fall in the European equity markets.

Gold is trading 0.25% higher at USD 1233.10/Oz, unchanged from the early morning session. Meanwhile, the US Dollar Index has rebounded from a low of 85.21 hit earlier today, to trade 0.67% higher at 85.83. Moreover, the Pound and the Euro have declined by 0.70% each against the greenback after the release of a disappointing German Zew survey data and the UK CPI data.

Meanwhile, Gold prices continue to remain supported by the weakness in the equity markets. The Dax is trading lower by 0.49%, while the Ftse is trading lower by 0.58%. The US ten-year treasury yields have slumped to 2.20 levels.

Gold is likely to inch higher due to the weaker equities and falling treasury yields.

Gold Technical levels

Gold bulls are likely to remain at bay so long as the prices trade below the immediate resistance of 1238. On the other hand, failure to sustain above 1232 levels can send the prices down to 1225 levels.

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