Gold prices were trading marginally higher in the spot market at Rs 31,375, and was up 0.50 per cent.
The precious metal has moved in a tight range, but would now take cues from the US Fed Minutes of the meeting to be released later today. In case there are any hints of an interest rate hike from the US, it could lead to fresh drop in the prices of gold in the international market.
Gold has had a fantastic run since the start of the year with gains of near 20 per cent. The precious metal has rallied almost 30 per cent in the last 1 year, making it the best performer by far among any asset class.
However, analysts feel that gold may have now run its course and the metal to sustain such high levels would need geo-political tensions or an economic chaos.
Those holding gold bets may continue to unwind at higher levels. Check gold rates in Indian cities here.