Gold is likely to move up on weak dollar and positive signal from the Euro Zone.
The Fed has engaged in two rounds of asset purchases totalling $2.3 trillion. The latest quantitative easing will help push up commodity prices by providing cheap money to investors.
Rupee has been trading flat and is likely to depreciate which would support gold prices in India.
MCX gold June contract opened at Rs 28,859 per 10 grams against yesterday’s close of Rs 28,840.
Gold in US market was at $1648 a troy ounce at 12 noon today.