Bullion counter may open on upside path tracking bounce back in international markets as fed meeting in this week and movement of greenback will give further direction to the prices. Gold can move in range of 30700-31000 while silver can move in range of 45000-45800 in near term. Investors are counting down to the Federal Reserve's Open Market Committee meeting Sept. 20-21, with chair Janet Yellen holding a news conference on Wednesday.
The Bank of Japan also meets on Wednesday and is expected to ease monetary policy, though conflicting reports on what it might do have created much uncertainty. Hedge funds and money managers lowered their net long positions in COMEX gold by 30,136 contracts to 248,858 contracts in the week to Sept. 13, U.S. Commodity Futures Trading Commission data showed on Friday. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 1.11 percent to 942.61 tonnes on Friday.
Courtesy: Smc Comtrade