Gold futures traded a shade higher at Rs 27,371 per ten grams as speculators created fresh positions taking positive cues from global market ahead of the outcome of the US Federal Reserve meeting.
At the Multi Commodity Exchange, gold for delivery in far-month April was up by Rs 21 to Rs 27,371 per 10 grams in a business turnover of just seven lots.
The metal for delivery in February moved up by Rs 9 to Rs 27,203 per 10 grams in a turnover of 359 lots.
MCX gold has a strong resistance at ₹27,250. The contract needs to break this level to move up today.
— Rajalakshmi Nirmal (@crajalakshmic)
Analysts said fresh positions created by participants following a better trend in global market before the Federal Reserve concludes a two-day policy meeting to assess the timing of interest rate increases, influenced gold prices at the futures trade here.
Meanwhile, gold rose 0.19 per cent to $1,197.30 an ounce in Singapore.