Gold futures trade higher in early deals of Friday, after Thanksgiving holiday. The yellow metal is in short covering mode after steep correction in previous sessions counting on chances for a quicker hawkish stance by Federal Reserve. The market widely anticipate that the US Central Bank is to accelerate the tapering of its monthly bond purchases from January to $30 billion. As per reports the bullion dipped more than 2.8% this week, and is in way for posting its worst week since June 18.
Gold futures for December trade higher by 0.5% or $9.60 to settle at $1,793.90 an ounce on the Comex division of the New York Mercantile. While, spot gold rose by 0.2% to $1,792.62 per ounce.