Gold extends gains on softer dollar, sluggish US data

Gold extended gains above $1,200 an ounce on Thursday, rising for a second straight session on a softer dollar and weak US industrial production data.



Spot gold gained 0.3 per cent to $1,204.76 an ounce by 0659 GMT, after climbing 0.7 per cent on Wednesday.



The dollar dropped to a one-week low on Thursday due to the weak US economic data, though it recovered from the early lows.



However, Steel and others said prices could face a tough time moving much higher from the $1,200 level, leaving gold to consolidate in the near term.



A poll conducted by Reuters over the last month returned a median forecast of $1,209 for gold this year, down from $1,234 in a similar poll conducted in January.



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Posted in: Indian Market Tips