MUMBAI (Commodity Online): Gold prices remained flat with positive bias ahead of the FOMC meeting and the slight strength in US dollar. However the greenback traded lower against the Japanese Yen on low risk appetite for risky assets.
MCX benchmark Gold futures are trading up Rs 11 at Rs 14818 per 10 grams. The trades may continue to be range bound, however the trend looks bullish above RS 14790 levels. The resistance comes around Rs 14875 levels.
Most active gold futures on COMEX is up 10 cents at $947.7 per ounce. A break of $950 may take it to 954 levels.
Trade sitting at the comfort of home. Start with a mere 50$Yesterday, gold ended near steady as participants shied away from aggressive trade in front of the Federal Reserve's interest-rate decision. Gold opened at 14751 and was well bid, peaking at 14819.
However this move quickly reversed as oil tumbled, equity markets slumped and the dollar rallied. The dollar gave ground helping the metal climb, finally settling at 14807.
In currencies the single currency is trading higher currently against the Dollar even after the Industrial production in the 16-nation euro zone fell unexpectedly by 0.6% in June, the statistics agency Eurostat reported Wednesday.
