Gold futures were trading higher during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the precious metal as US dollar retreated from a 14-year peak touched earlier this week after the US Fed minutes suggested a less hawkish stance from policymaker. 

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At the MCX, gold futures for February 2017 contract is trading at Rs 27,871 per 10 grams, up by 0.68 per cent, after opening at Rs 27,800, against a previous close of Rs 27,682. It touched the intra-day high of Rs 27,900.

                     Trading Ideas

1. Gold trading range for the day is 27560-27876.

2. Gold traded in the range while sentiments remain firm as dollar retreated from a 14-year peak touched earlier this week.

3. Support will be seen as investors read the Fed minutes to suggest that a potential three rate hike forecast for this year.

4. Gold imports to Turkey rose to 36.7 tonnes in December, up from 4.65 tonnes in the same period a year earlier.