Gold recovers from 7-month low in early trade

International gold prices recovered from 7-month lows in early trade as buying across Asia helped push the commodity higher. Gold was seen trading at $1583, up by $3.

Firm Asian equity markets, particularly those in Japan also helped perk up sentiments. There were reports of physical buying in gold, which helped push Futures prices higher.

Indian commodity markets are expected to open on a firm note with MCX Gold Futures slated to be marginally up.

Gold is expected to trade in a range and track global cues for triggers. Domestically, gold traders would eye the Union Budget to see if there is fresh imposition of duties and levies to curb gold imports. The government has been worried that gold imports has been playing a role in pushing the current account deficit higher, which the government wants to avoid.

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