Gold prices in India tracking international gold price movement traded steady. At the last count, gold October futures traded higher by 0.08 per cent or Rs 56 at Rs 71,684 per 10 gm, while silver futures gained 0.27 per cent or Rs 224 at Rs 83,869 per kg.

Gold prices have been trading highly volatile of late with COMEX gold still mained at above $2,500 per oz level at $2,534 per ounce.
 

Investors trimmed their bets for a larger interest rate cut by the Federal Reserve (Fed) in September following the release of mixed US monthly jobs report on Friday, said Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies.

According to the CME Group's FedWatch tool, traders see a 71 per cent chance of a 25-basis-points rate cut at the next FOMC meeting on September 17-18 and a 29 per cent chance of a 50-bps reduction.
 
Traders now opt to wait for the release of the August US consumer price data on Wednesday, which, along with the Producer Price Index on Thursday, could influence Fed rate cut expectations. Overall a rangebound trade is expected to persist with Spot gold may struggling to hold gains above $ 2510 ahead of same, added Qureshi.
 
Trading strategy in Gold
 
For MCX Gold (October futures), a sell on rise has been suggested at a price of Rs 70,400 for a target of Rs 69,700, keeping a stop loss of Rs 70,900.  For MCX Silver, the buy on dip is advised at a price of Rs 82,000 for a target of Rs 81,000 and stop loss of Rs 81,000.