Gold on MCX settled at 28250 prices consolidated in yesterday’s session settled unchanged holding recent gains in quiet dealing as the dollar edged higher, following the stronger than expected housing starts report. The recent string of data, until Wednesday, showed the U.S. economy was moderating, helping the dollar ease and paving the way for higher gold prices. Prices seen capped after the US housing starts rebounded 8.3% to a 1.215 million pace in June, better than forecast, after the 2.8% decline in May to 1.122 million.

Trading Ideas:

* Gold trading range for the day is 28071-28349.

* Gold prices pared gains as the U.S. dollar's recovered slightly from a 10-month low.

* U.S. home building surged to a four-month high in June, but construction activity remains constrained by rising lumber prices and labour and land shortages.

* Holdings at the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund fell 0.65 percent to 816.13 tonnes on Wednesday from 821.45 tonnes on Tuesday.

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