Gold prices traded steady with COMEX spot gold prices holding above $1800 per ounce on Wednesday. Gold October future contract at MCX were trading marginal down at Rs. 47173 per 10 grams by noon session.
Gold prices traded firm trading above $1800 per ounce after US CPI data came in line with expectations. The expected US CPI data will now fuel debate on FED tapering. The stronger dollar may cap upside in gold prices despite of break of consolidation range above $1803 per ounce.
We expect gold prices to trade sideways to up with COMEX spot gold resistance at $1815 and support at $1790 per ounce. MCX Gold October support lies at Rs. 46900 and resistance at Rs.47300 per 10 gram.