GOLD SUPPORTED ON WEAKER DOLLAR

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Gold prices edged up today, aided by a sluggish U.S economic data and as uncertainty over the outlook for U.S. policy under President Donald Trump stoked safe-haven demand. Spot gold had grown 0.22% to USD 1,193.88 per ounce in early trade, while U.S. gold futures were up 0.45% at USD 1,193.70.

Economic growth in the U.S weakened by more than anticipated in the final three months of 2016, as per Friday update. The Department of Commerce says GDP increased by 1.9% in the Q4 following a 3.5% rise in the Q3. Economists had expected GDP to climb by 2.2%. However, Indian Gold Demand is expected to come back to normal levels in coming 3 years, as per latest update from the WGC.

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