Gold prices are trading lower - ICICI Bank : Treasury Research

Gold prices are trading lower around USD 1245/oz as against the prior close of USD 1251/oz on the back of a stronger Dollar and profit booking following the gains in the last two sessions. Weak investment demand for the metal with assets in the SPDR Gold Trust falling to 939.75 metric tons yesterday, the least since February 2009 also weighed on the bullion. Moreover, data from the Association of Mutual Funds in India showed that assets under exchange-traded funds backed by gold fell 9% to INR 96.1 bn in June from INR 105.8 bn a month earlier. Technically gold is expected to trade ranged between USD 1225-1260/oz.

Source : Equity Bulls

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