The country's credit rating was downgraded thereby fuelling tensions that crisis in European countries is not going to end in the near term.
Yellow metal mounted in choppy trade, as the gyrations in the U.S. dollar put the price on track. Investors reflected positive outlook for U.S. economic growth but remained cautious for euro zone.
Gold is likely to remain sideways for sometime before any fresh fundamental factors trigger a new trend.
E-Gold touched an intraday high of Rs 2,095.70/gm today at NSEL. Rs 20,300/10gms is likely to provide a strong base to the counter in the near term at MCX.
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