Gold prices gained slightly after a dip on Wednesday

Prices of gold set another record on Wednesday, that of the highest one-day fall in one month. This dip, as reports say, has been prompted by the initial weakness stemming from a stronger dollar that was exacerbated by a flurry of profit-taking a day after gold prices had touched a record peak. From the record high of $1,430.95 an ounce on Tuesday, the prices had slipped by around 3.8 percent on Wednesday.

Reports say, spot gold bid at $1,375.02 an ounce on Wednesday, but had fallen by around 2.1 percent in the day to a one-week low of $1,371.45. U.S. gold futures for February delivery fell $36.0 an ounce to $1,373.10.

In the India markets, gold prices had dropped by Rs 330 to Rs 20,720 per ten grams on Wednesday, followed by a slight improvement on Thursday with gold of 99.9 and 99.5 per cent purity improving by Rs 30 each to Rs 20,750 and Rs 20,680 per ten gram, respectively. The prices showed some improvement, prompted by some buying by retailers at existing low price levels.