Gold futures were trading marginally lower during afternoon trade in the domestic market on Monday as investors and speculators exited their positions in the precious metal on weak domestic demand amid stronger greenback. Besides, US Fed Chair Janet Yellen’s optimistic remarks on the US labour market, strengthened the possibility of further rate hikes next year, influenced prices of gold at futures trade. 

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Moreover, prices of gold are expected to remain rangebound due to thin volumes led by Christmas and Year end holidays in the global markets. At the MCX, gold futures for February 2017 contract is trading at Rs 26,953 per 10 grams, down by 0.15 per cent, after opening at Rs 27,004, against a previous close of Rs 26,994. It touched the intra-day low of Rs 26,916.

                   Trading Ideas

• Gold trading range for the day is 26850-27114.
• Gold prices edged higher as the dollar retreated from 14-year high and some buyers were tempted to take advantage lower prices.
• In India discount were offered up to $2 an ounce this week over official domestic prices that include a 10 % import tax.
• Gold premiums in top consumer China fell from their near three-year highs hit last week to $28-$29.