Gold trades flat; seeks cues for direction

Gold for February delivery was trading at Rs 29146, up Rs 84 on the MCX. Silver for March delivery on the other hand was trading at Rs 44,217, up Rs 79 on the MCX.

Gold and sliver are expected to trade in a range and would take cues from the US non farm payrolls data due later this week.

Gold has witnessed a subdued trend in the last few months. In fact, international prices of gold were near their lowest levels in the last 5 months.

Indian gold prices though were trading much higher, thanks to a depreciation in the Indian rupee. In fact, international gold prices are set for their first year of losses in 12, as investors focus their attention to equities.

A steady economic recovery across the globe has pushed equity prices higher and gold prices lower this year.

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