Gold prices traded firm with COMEX spot gold prices were trading 0.23% up to $1793 per ounce on Thursday. Gold October future contract at MCX were trading 0.27% weak at Rs. 46913 per 10 grams by noon session.
Gold prices kept lower trading range on hawkish FED stance. The comments from New York FED President on early tapering of stimulus triggered selling in bullion prices keeping gold prices below $1800 per ounce. Gold prices capped downside on softer dollar market players are awaiting for ECB policy decision later in the day.
We expect gold prices to trade sideways to up with COMEX spot gold resistance at $1810 and support at $1780 per ounce. MCX Gold October support lies at Rs. 46800 and resistance at Rs.47300 per 10 gram.