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Gold Stays Steady Above USD1200 Mark

Gold USDThe price of Gold were steady on Tuesday, since the dollar remained under stress that Trump would adopt a protectionist stance on trade. Spot gold was mostly unchanged at USD 1217.42 per ounce by its, strongest level since November 22 at USD 1,219.59 earlier in the session.

COMEX Gold stayed supported, going on 1% in intraday moves on weak equities. The metal has edged up near 2 month high in spite of good bargain buying and bright demand outlook this year. COMEX Gold is currently trading at USD 1216 per ounce, up marginally on the day. MCX Gold futures closed just above Rs 28,800 per 10 grams, up 0.63% on the day after hitting a high above Rs 28, 850 levels.

Spot gold looks exhausted and may again fail to break a strong resistance at USD 1,219 per ounce before retracing towards a support at USD 1,196, as per Reuters technical analyst.. Among other precious metals, silver was flat at USD 17.19 per ounce while platinum gained 0.55, to USD 983.35.