On Thursday, spot gold prices declined by 0.32 percent to close at $1244 per ounce as the dollar index, which measures the greenback against a basket of currencies, was slightly firmer at 99.769. It had dropped to its lowest in nearly seven weeks at 99.547 on Wednesday.
We expect gold prices to trade sideways today, international markets are trading lower by 0.09 percent at $1244 per ounce. Uncertainty with regards to policies in the US and elections in the Euro are will keep the safe haven demand intact. On the MCX, gold prices are expected to trade sideways today.