Gold Consolidates Further on Firm Cues

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Trading sentiments firmed up on reports that the yellow metal in overseas markets surged last evening for the first time in four days, as weaker dollar and higher oil prices increased its appeal as an alternative to investment in the U.S. currency, to hedge against inflation.

Gold prices gained further ground in the national capital today on sustained buying by stockists in line with a better trend in the international markets, apart from a moderate support from retailers.

Trading sentiments firmed up on reports that the yellow metal in overseas markets surged last evening for the first time in four days, as weaker dollar and higher oil prices increased its appeal as an alternative to investment in the US currency, to hedge against inflation.

Gold climbed 21 dollars, or 2.8 percent, to 777.45 dollar an ounce in London yesterday. A close at that price would have marked the biggest daily gain in two weeks.

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