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Gold trades flat

FXStreet (Mumbai) - Gold trades more or less unchanged after gaining strength on Tuesday tracking the weakness in the Us Dollar Index.

Gold is trading just 0.06% higher at USD 1163.70/Oz levels, compared to the previous session’s close of USD 1163 levels. The prices rose yesterday after the US Dollar Index fell to 87.44 levels from the day’s high of 88.16. Moreover, the markets are anticipating a sharp rise in the physical demand, especially across Asia since the yellow metal is trading at four-year lows.

The yellow metal may continue to inch higher today since the US Dollar index is showing fresh signs of weakness along with a fall in the US benchmark Treasury yields.

Gold Technical Levels

Gold has an immediate resistance at 1172.50, above which the prices can rise to 1177.40 levels. Meanwhile, the metal may fall back to 1150 levels, if the immediate support at 1160.5 is breached.

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