Gold settled up 0.39% at 24788 recovered following a sell-off in major global equity markets ahead of the crucial weekly employment data and supported by the dollar trending lower against a basket of some major currencies. A positive jobs data may cement the Fed's decision to tighten monetary policy. Investors are playing it cautious ahead of the monthly jobs report Friday, which could have a significant impact on the outlook for interest rates. A strong report would likely add to speculation that the Federal Reserve will raise rates in September, while a weak report could provide ammunition for more dovish central bankers to argue that the rate hike should be delayed. Gold's appeal as a hedge against inflation has diminished and will only lessen if the Fed decides to hike rates in September. First-time claims for U.S. unemployment benefits saw some further upside in the week ended August 1, following the rebound seen in the previous week. However, the increase was less than what market expected. Between them, these two countries are on-track to import 2,000 tonnes of gold this year which is set to be about 2,800 tonnes this year. The Shanghai Gold Exchange, saw buyers take delivery of over 73 tonnes of gold last week, the third largest withdrawal on record. This follows two weeks of steadily increasing demand as investors pull or attempt to pull money out of the Chinese stock market. Demand out of China is on track to surpass last year’s official figure of 974 tonnes and may reach 1,000 tonnes this year. Technically market is getting support at 24679 and below same could see a test of 24571 level, And resistance is now likely to be seen at 24872, a move above could see prices testing 24957.

Trading Ideas:

Gold trading range for the day is 24571-24957.

Gold edged higher supported by the retreating U.S. dollar and a tumble in global equities as traders awaited U.S. employment data.

Investors are playing it cautious ahead of the monthly jobs report Friday, which could have a significant impact on the outlook for interest rates.

Holdings of SPDR Gold Trust, dropped to 667.93 tons on Thursday from its previous close of 670.62 tons on Wednesday.