Gold remained under pressure due to expectations of rising U.S. interest rates and a higher dollar and improving sentiment for global economic growth, which means investors are likely to favour risk assets such as equities. Also weighing on bullion was a highly anticipated U.S. interest rate hike in December by the Federal Reserve, which is due to next meet on Dec. 13-14. The European Central Bank will decide at its Dec. 8 meeting on the continuation of its stimulus program, President Mario Draghi said, effectively quashing speculation about a delay in the decision to January. "At our monetary policy meeting in December we'll assess the various options that would allow the Governing Council to preserve the very substantial degree of monetary accommodation necessary to secure the sustained convergence of inflation toward levels below but close to 2 percent over the medium term," Draghi said. "This is a Governing Council decision that will be taken in December," he added in response to a parliamentarian's question. Global growth will pick up faster than expected in the coming months as the U.S. President-elect Donald Trump administration's planned tax cuts and public spending fire up the U.S. economy, the Organisation for Economic Cooperation and Development said (OECD). Hedge funds and money managers again cut their net long positions in COMEX gold contracts in the week to Nov. 22, U.S. Commodity Futures Trading Commission data showed. Technically market is under short covering as market has witnessed drop in open interest by -27.56% to settled at 3370 while prices up 26 rupee, now Gold is getting support at 28630 and below same could see a test of 28497 level, And resistance is now likely to be seen at 28848, a move above could see prices testing 28933.

Trading Ideas:

Gold trading range for the day is 28497-28933.

Gold remained under pressure due to expectations of rising U.S. interest rates and improving sentiment for global economic growth.

Also weighing on bullion was a highly anticipated U.S. interest rate hike in December by the Federal Reserve, which is due to next meet on Dec. 13-14.

ECB is due to decide next week on whether to extend beyond March its 1.74-trillion-euro bond-buying programme.