Gold Prices Trade Flat; Look For Cues From Indian Demand

Gold prices in India and the international market were once again trading steady, on the lack of major cues. In fact, global gold prices would now take cues from physical demand from India, due to the festive season.

Gold prices in Mumbai were trading at Rs 29,600 per 10 grams and prices have been more or less steady in the last few days.

The currency has also not fluctuated much and remained steady. When the rupee falls against the dollar, gold prices tend to go higher. However, the currency has remained stable at around the 66.80 to 66.90 mark for the last few days.

The next big cue for the markets are the US Fed decision on interest rates. In case the US Fed decides to hike interest rates, gold prices would fall.

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