Gold Update's

Gold futures are trading in a tight range today as the holiday mood keeps the volumes low in the market place.
Asia stocks extended their gains into Wednesday, with most major markets trading higher, and Japanese shares advancing as the yen hit its lowest levels against the dollar and euro since 2011. In Tokyo, the Nikkei Stock Average rose 0.5%, off its earlier highs but nonetheless adding to its 1.4% rally on Tuesday.
The Shanghai Composite Index, however, slipped 0.2% in choppy, range-bound action after the benchmark surged 2.5% in the previous session to turn positive for the year. Bourses in Hong Kong and Australia remained closed for holiday, with both due to reopen Thursday.
In currencies, the dollar rose to ¥85.03 from its ¥84.88 level 24 hours earlier, passing the ¥85 mark for the first time since April 2011. The euro also gained against the yen, hitting ¥112.05 from ¥111.89, crossing the ¥112 handle for the first time since August 2011.
The central-bank minutes showed some monetary-policy committee members saying measures should be adjusted to better drive the forex market. "Some members raised the point that it might be necessary for the bank to improve its policy measures further to enhance the influence of monetary policy on foreign-exchange rates," the minutes said. Some members also said Japan's economic recovery is likely for sometime next year.
Multi Commodity Exchange gold delivery in February fell by more than Rs 130, to Rs 30,724 per 10 gm. International gold futures for the front month contract is trading down $4 at $ 1656 hardly changed from the morning trades.

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