COMEX Gold Seen Consolidating Around $800

The precious metals complex is likely to start on a positive note today as the global markets gear up for yet another fascinating week with the most awaited macro economic announcement taking the centre stage. The action is solely to be driven by the FOMC and the way things are shaping up, it looks that COMEX Gold futures are in for a good time at least some more in the Asian trades today.

On Friday, COMEX February Gold finished down $6.9 at 800.2 per ounce as profit booking ahead of the weekends pulled both Gold and crude oil down in tandem. March Silver closed down $0.12 at 14.50 per ounce. A better than expected performance from the US non-farm payrolls had little impact on the markets and a sedately session was noted in New York. The economy added 94,000 jobs in November. Though this gain is below the 127,000 average monthly gain over the past year, it was slightly better than the 85000 figures expected by the markets. Services jobs increased again by 127,000 jobs, government jobs increased by 30,000, and the retail sector added 24,000.

Outlook:
COMEX Gold is up $3.30 per ounce right now, quoting at $803.50 per ounce. There is a likelihood of the commodity gaining further from here as not may economic indicators are around for the day. The US dollar is trading in a very narrow range while crude oil has slipped a bit, trading just under $88. We may expect a positive opening on MCX and some more gains are expected for the February futures.