Gold prices at the international front are trading at USD 1328, marginally down by 0.05 percent. The dollar index is trading up by 0.12 percent at 81.75, pressurizing gold prices to trade down. The FOMC meet scheduled to start today will be closely watched, as it might support a rise in gold prices in today's session. In the FOMC meet, Fed chairman Ben Bernanke would be on the supportive side for continuing the monetary easing. This would pressurize the dollar and support gold prices. At the domestic market, gold prices may remain on the higher side due to the depreciation of the rupee against the dollar. The CFTC longs have remained higher in comparison to the shorts which may extend gains in gold prices. Therefore, gold prices may remain on the higher side in today's session on the back of the FOMC meet and positive economic releases from Europe, which would support the euro against the dollar. Overall, we recommend remaining on the buying side.
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