Gold nudged up on Thursday, adding to gains from the previous session on concern about the global economy and the financial sector, as well as physical buying in India, the world's largest consumer. But the market lacked momentum to push towards the key $900 mark, weighed down by stalling investment in the world's largest goldbacked exchange-traded fund.

Buying from India ahead of the Akshaya Tritya festival on April 27, an auspicious time for gold buying, continues to lend support. Also, while some risk appetite has returned in recent weeks with stocks recovering from their lows, investor preference for gold as a safe-haven asset remained intact.

The International Monetary Fund on Wednesday slashed its growth forecasts for every major country and urged governments to take forceful action to ensure the world economy's recovery from a severe recession The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said its holdings remained at 1,105.98 tonnes as of April 22, unchanged from the previous day. Its holdings hit a record 1,127.68 tonnes on April 9, and remained at that level for a week.

Gold is taking resistance at $900/oz breaching that one might see good rally; stability in financial market might again erode bullions appeal as safe haven investment. Our recommendation for the day is buying at dips and book profits around $898-$900/oz.

Gold: Gold prices moved up, however took resistance at the 35 days EMA at 14433 while closing. Today Gold prices are expected to trade upwards in the range of 14320-14560.