Gold futures reversed yesterday's losses and was seen trading steady on Multi Commodity Exchange, gold for August delivery contract opening at Rs 29,600 per 10 grams and was seen trading at Rs 29,654 per 10 grams at 02.10 pm IST.
Gold prices rose marginally on Thursday as investors have turned their focus on policy meeting of the European Central Bank later in the day after ECB President Mario Draghi vowed last week to do whatever it takes to protect the euro zone.
However, gold sentiment was affected after the Federal Reserve dashed hopes of monetary easing tools, which boosted the dollar, in-turn sending gold price lower. International spot gold was seen at $ 1,603 an ounce.
MCX spot gold was seen trading at Rs 29,655 per 10 grams, while silver was seen trading at Rs 52,450 per kgs.
The physical buying in India seems steady despite festive season as the traders said that the buyers are still waiting for a further price correction. The outcome of the meeting may decide the movement of the yellow metal and other assets.