MUMBAI (Commodity Online): Gold futures surged slightly up in the morning trade in the domestic futures market on Monday. However, experts cautioned about the uncertainty in the bullion market ahead of FOMC meet this week.

MCX gold futures are up over Rs 25 at Rs 16479 per 10 grams. A move above Rs 16500 may take it to 16580 levels.

COMEX Gold futures hopped above $ 1100 mark trading up $3.3 per ounce. Investors were staying on the sidelines ahead of the U.S. Federal Reserve and Bank of Japan rate-setting meetings later this week.

Asian stock markets were mostly lower Monday, with shares in China and Hong Kong weighed down by lingering worries over fresh monetary tightening measures from Beijing.

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Gold rose in Asian trading and maintained its uptrend in Europe also on weaker dollar ahead of US retail sales data for February, which was expected to show falling consumer spending.

However, a surprise release that retail sales grew in February caused heavy volatility in Gold prices. Moreover, weekend profit taking also drove prices down yesterday. Gold settled the week with nearly 3 percent losses.

April month US gold futures reversed its early gains and closed 0.5 percent down at $1,101.70/oz. The dollar index closed 0.6 percent down yesterday.

The dollar weakened against the euro on reports that industrial production in euro zone rose 1.7 percent, more than expected. The pound sterling also strengthened nearly 1 percent after reports showed that UK home prices jumped the most in seven years last month.

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