MTECHTIPS

MTECHTIPS;-Gold likely to trade flat as investors await data releases Thursday

Gold prices are likely to trade flat for the day as investors await ADP nonfarm payrolls data scheduled to be released on Thursday.A data point higher than the forecast of 135K would prove to be bullish for the dollar and thereby bearish for gold.The actual government data would be released on Friday and along with initial job-less claims data (scheduled Thursday) and and ISM manufacturing data may prove to award volatile sessions in gold for tomorrow.Gold on the Comex is trading flat at $1712.15 with neither gains nor loss as of 10.03 am IST Thursday.Hurricane Sandy meanwhile has wreaked havoc across the East Coast and ultimately resulted in the weakening of Dollar.A “weaker dollar will support prices,” said Nick Trevethan, senior commodities strategist at Australian & New Zealand Banking Group Ltd. in Singapore. “The market got a little ahead of itself with expectations for QE and overshot to the upside. It is back down to levels where perhaps we ought to be.