Sushil Finance expects gold prices to trade in the negative as stronger than expected housing data from the US may continue to add pressure to the prices.

"U.S. gold was steady at USD 1,296. U.S. housing starts surged to an eight-month high in July, suggesting the nation's housing market recovery was back on track after stalling in the second half of last year. Investors were eyeing minutes of the Federal Reserve's meeting in July for cues about the U.S. central bank's policy outlook. Fed Chair Janet Yellen's speech on Friday at a gathering of central bankers in Jackson Hole, Wyoming is eyed for when the Fed will increase interest rates."

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