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While the dollar index which may head to the 106 level will prevent any steep upside in the gold prices, a festival-led buying could support the prices, he opined. The dollar index will be taking cues from the Federal Reserve's policy outcomes on September 20, he added.
On Comex, Gold futures were trading at $1,934 per troy ounce on Thursday, down by $1.10 or 0.06% while Silver futures were at $23.215, higher by $0.187 or 0.800%.
The MCX October gold futures were trading up by Rs 35 or 0.06% from the Monday closing price at Rs 58,965 per 10 gram on the MCX while the December Silver futures were trading at Rs 72,160 per kg, higher by Rs 218 or 0.30%.
On Comex, Gold futures were trading at $1,946.60 per troy ounce on Monday, up by $3.90 or 0.20% while Silver futures were at $23.300, higher by $0.126 or 0.540%.
The MCX October gold futures were trading up by Rs 127 or 0.22% from the Thursday closing price at Rs 59,125 per 10 gram on the MCX while the December Silver futures were trading at Rs 72,038 per kg, higher by Rs 268 or 0.37%.