Gold rose to a 10 day high as a bounce above $1600 per ounce stayed in place and supported the metal though a rebound in the US dollar cut the gains in yellow metal. The commodity witnessed good buying support at the start of the week after dropping post the US non-farm payrolls data on last Friday. The commodity marinated its steady trend higher on ideas that the major central bankers across the globe would announce new measures to stimulate the vulnerable economy. The expected pick up in the Indian consumption demand in the upcoming festive season also boosted sentiments. Though these sentiments wore off a little and pulled the metal down towards $1600 per ounce mark during mid week trades, the commodity jumped on Friday on ideas that China was likely to ease monetary policy after data showed the country's economy continues to slow. The metal ended just under $1620 per ounce on the day. MCX Gold futures were mostly sideways amid positive movement in the Indian Rupee though the counter managed to edge up from lows under Rs 29800 per 10-gram levels.
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