Gold Price is back above $1,200 as dollar slips

Singapore (Apr 22)  Gold reversed earlier losses to trade above $1,200 on Wednesday as the U.S. dollar weakened, with investors also keeping an eye on the Greek debt crisis and its impact on the currency markets.

 Spot gold was little changed at $1,203.11 an ounce by 0653 GMT, after earlier dipping to a session low of $1,198.65.

 "Gold is closely tracking the U.S. dollar at the moment. There isn't any big economic data so investors are following the Greek drama," said Ronald Leung, chief dealer at Lee Chong Gold Dealers in Hong Kong.

A strong rally in stock markets was also keeping investors out of gold, Leung said. Gold, often seen as a safe-haven investment, tends to see a drop in demand when equities are going well.

Source: EconomicTimes