MUMBAI (Commodity Online): Gold slipped marginally in the domestic futures market despite a strong trend in the global market Thursday due to the appreciation of rupee against US dollar.

MCX gold futures are trading below the threshold of Rs 16500 levels down Rs 3 from its yesterdays closing. The counter may trade in the range of Rs 16570 and support at Rs 16400 levels.

U.S. gold futures for April delivery added 1 cent at $ 1108.2 per ounce. The latest Commitment of Traders report by the U.S. Commodity Futures Trading Commission showed net long noncommercial gold futures positions at 207,372 contracts, up 3.4 percent from the prior week and up 14 percent during the last four weeks.

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Gold is treading waters to regain some strength during Asian hours as the metal trades slightly up at $1,109.30/oz. The dollar index is little changed after yesterday's fall. Reports showed that the Federal budget deficit widened to $210 bn in January against $42.6 bn in the month before.

Trade deficit may also rise in today's data release while jobless claims data are slightly positive for the dollar. Overall, data remain mixed. Some technical selling could be seen which may drag prices to below $1,100/oz.

However, dollar movement on data releases will be crucial for further direction. MCX Gold futures may see flat opening with sideways to negative view for the day.

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