MCX Gold jumped last night as firm global cues boosted sentiments. COMEX Gold snapped a three-session losing streak Thursday to settle at a three and half month high as a slightly weary undertone in equities clubbed with an uncertain Fed pushed up the metal sharply. The metal has soared further today, quoting at $1257 per ounce, up 0.45% on the day. This is likely to ensure that the local Gold futures jump in early moves in the evening session today. MCX Gold closed at Rs 29468 per 10 grams yesterday, up 0.89% on the day after testing a low near Rs 29200 levels. 

Many policy makers on the Federal Reserve back an interest rate hike 'fairly soon' if economy stays on course or strengthens, according to the minutes of the central bank's most recent meeting. However, a number of Fed members said they want the central bank to go slow on raising rates, given uncertainties about the new Trump administration's fiscal and trade proposals. The Fed should be cautious "in anticipation of policy proposals that might not be enacted, or that, if enacted might turn out to have different consequences for economic activity and inflation than currently anticipated," the minutes said.