Gold prices traded firm with COMEX spot gold prices were trading 0.43% up to $1733 per ounce on Thursday. Gold December future contract at MCX were trading 0.27% higher at Rs. 45895 per 10 grams by noon session.
Gold prices have kept lower trading range hovering near $1730 per ounce on US FED tapering expectations. The softer dollar has capped downside on Thursday while broad market cues may continue to weigh on prices on increased expectations of Fed policy change. Earlier, Gold prices traded under pressure with dollar rallying to 11 months high lowering demand for precious metals.
We expect gold prices to trade sideways to down with COMEX spot gold resistance at $1752 and support at $1720 per ounce. MCX Gold December support lies at Rs. 45600 and resistance at Rs.46100 per 10 gram.