India gold rises on weak dollar index

Spot Gold ceased to its six days rally yesterday to settle at $1430.65 by losing 0.47%. The same has been observed in futures in the COMEX and MCX division.
The Dollar Index although remained weak to settle by 0.15% down, could not support the metal to revive
Global equities closed almost in positive yesterday. Except Japan’s NIKKEI from the Asia, the rest of the world has gained modestly with FTSE advancing near to one and a half percent
The US continuing jobless claims have increased while the initial jobless claims application reduced a bit
Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund further slid to 1213.95 tons as of 24th March
The Gold Silver Ratio slid to 38.39; its lowest as silver is outperforming gold
OUTLOOK:
Currently at Globex platform gold is seen trading at $1432.50 down by $2.40 from its prior closing and the Dollar Index is showing bit strength over the majors at 75.694(+0.01%). The Asian equities are trading in green.
The Standard & Poor has cut Portugal’s credit rating by two notches and debate over the region’s debt crisis is continuing to remain at the forefront. So the Euro is likely to be weakening against the majors which will be driving the dollar to inch up and thereby may put some pressure on Gold. Coming to the economic data releases, the US quarterly GDP is likely to improve as import price index may lower and personal consumption is expected to increase. So, Gold may strain under such favorable happenings to the US economy.
Overall, it is likely for gold to retreat a bit today on the back of dollar index’s expected strength and a bright economic data expectation from the US which may drive the metal to release some tint.

(Source: http://www.commodityonline.com/futures-trading/technical/India-gold-rises-on-weak-dollar-index-22817.html)