U.S. Comex gold futures for August delivery remained up by 0.59%. Gold edged higher for a second straight session on Thursday, helped by a weaker dollar and as minutes of the Federal Reserve's recent policy meet gave no indication of an early hike in U.S. interest rates.
Markets were also eyeing developments in the second-biggest consumer India, where the new government is expected to cut a record high import duty on gold at the budget to be presented today. India is likely to cut its gold import duty to 6% from a record 10% in today's budget, leading to a rise in imports in the second half. Any jump in imports from India would likely underpin gold prices. Gold had been under pressure since last Thursday when a strong U.S. jobs report stoked speculation that the Fed could increase rates sooner than expected.
Emkay Commodity Research expects gold prices to remain in a range to down for the day over statement from Fed for ending the QE program and budget announcement over gold import duty in Indian Budget.
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