AHMEDABAD (Commodity Online): Gold futures extended gains and settled up by +0.24% at 27590 as markets awaited the outcome of the Fed’s policy-setting meeting later in the day.
Traders and investors in international market kept a close eye on developments in Greece from beginning of this week.
Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset. Gold future climb to one week high as Dollar index slumps by almost 0.50 percent to 76.91.
On Thursday, MCX Gold December delivery contract rose by 0.24 percent to 27756 rupees per 10 grams. Support for contract seen at 27500 and resistance stays at 27800 rupees.
Markets will pay close attention to the post-meeting press conference conducted by Fed Chair to gauge how close the central bank is to another round of asset purchases.
According to Amrita Mashar, analyst with Commodity Online, there are list of data to release in next two days including unemployment claims and US nonfarm Payrolls which may affect market sentiment in wide way. Overall, bullion market sentiments are looking quite healthier before US non-farm payrolls data which will release by tomorrow evening.
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