MUMBAI (Commodity Online): Gold prices recovered from its early downs in the mid London Thursday on the back of Greece debt concern.

An ounce of gold on the COMEX division of the New York Mercantile Exchange is trading at $ 1125.4 up $ 1.2. MCX gold futures are also trading up over Rs 40 at Rs 16723 per 10 grams. The resistance comes around Rs 16775 and Rs 16840 levels.

Growing indications that Greece may turn to the International Monetary Fund rather than fellow euro-zone nations for support dragged the euro lower. The Japanese Yen also surged following the risk aversion in market.

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Gold is trading almost flat in Asian hours on Comex's electronic platform as the dollar index is looking firm for the day. Gold will be stuck in a narrow range on lack of any clear direction.

However, economic data in the form of US Philadelphia Fed manufacturing index and jobless claims data are scheduled for the day which is expected to show some recovery. Moreover, Euro zone trade surplus is also falling.

We can expect some gains in the dollar which gold can benefit from. Actual data will dictate the further performance. MCX gold may open flat with sideways to lower trading view for the day.

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