MUMBAI (Commodity Online): Gold futures are trading with flat note on the MCX counter Thursday on the back of weak global cues driven by the emergence of US dollar with new strength.

MCX gold was also trading flat at Rs 16692 up Rs 5 per 10 grams. The traders may sell on rallies with target of Rs 16627 ands stop loss of Rs 16775.

COMEX Gold is trading down 0.2 cents at $ 1124 per ounce. The counter had surged above $1133 levels in the late electronic session yesterday.

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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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