Gold futures edged higher on Monday, as hopes that central banks around the world would soon announce fresh stimulus measures to help spur weak global growth continued to support the precious metal. Preliminary data released earlier in the day showed that Japan's economy grew by a modest 0.3% in the April-to-June period, disappointing expectations for a 0.6% increase. On an annualized basis, the country's gross domestic product rose 1.4% in the second quarter, below forecasts for growth of 2.3% and slowing sharply from an upwardly revised 5.5% in the preceding quarter. The weakening global outlook fuelled speculation that policymakers around the world will take fresh steps to stimulate the global economy with monetary policy tools, which boosts gold's role as a currency alternative. Gold prices also remained underpinned by ongoing speculation the Federal Reserve will introduce additional easing measures to boost U.S. economic growth. Market participants will be watching U.S. data on retail sales, inflation and housing during the upcoming week in an attempt to assess the strength of the U.S. economic recovery.COMEX Gold December quotes at $1625.5 per ounce, up $2.7, after moving in the range of $1628.2-1621.6 per ounce. Technically, the Gold futures are trying to break above the critical range of $1626-1629 per ounce. Silver September quotes at 28.005, up 0.057 cents per ounce in the after hours trading session. The euro quoting at $1.2333, 0.38% appreciated against the USD over the last day close. Local rupee value depreciated further with quoting at Rs 55.41, depreciated nearly 0.21% against the US dollar. MCX Gold October contract traded near Rs 30,200 per grams and currently quoting at Rs 30,160, up Rs 128 per 10 grams. Technically, the counter is likely to find next resistance at Rs 30,200, Rs 30,300 while support is at Rs 30,000, Rs 29,900 per 10 grams. MCX Silver September quotes at Rs 53,632, up Rs 134, after moving in the range of Rs 53,708-53,534and. technically, the counter is likely to find next resistance at Rs 53,750, Rs 54,000 while support is at Rs 53,500, Rs 53,450 per 1 kg.
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