Bullion counter may trade sideways as Yellen speech later today will give further direction to the prices. Furthermore stronger dollar index can exert pressure on the prices. Gold can move in range of 29500-29900 while silver can move in range of 41600-42000 in near term. Markets will next look to Friday's U.S. retail sales data and remarks from Fed Chair Janet Yellen, who will address a Boston Fed economics conference at which Boston Fed governor Eric Rosengren will also speak.
Holdings of the SPDR Gold Trust (GLD), the world's largest gold-backed exchange-traded fund, rose 0.28 percent to 961.57 tonnes on Thursday. South Africa's mining output fell 0.2 pct in August, according to Statistics South Africa's monthly mining production data released on Thursday.
Courtesy: Smc Comtrade