Gold on MCX settled down -0.27% at 28725 as investors took stock of U. S. President Donald Trump's first policy moves and a recovery in the dollar from recent lows. Trump formally withdrew from the Trans-Pacific Partnership trade deal on Monday and told U. S. manufacturing executives he would impose a hefty border tax on firms that import products after moving American factories overseas. Trump's protectionist statements and a lack of detail on policy have led some investors to opt for gold, which is often seen as an alternative investment in times of geopolitical and financial turmoil. It rose to its highest level since Nov. 22 during Tuesday's session before giving back gains. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.37 percent to 804.11 tonnes on Tuesday from 807.07 tonnes on Monday. Russia produced 267.65 tonnes of gold in January-November 2016, down from 268.04 tonnes in the same period of 2015, the finance ministry said. In 2017, precious metals prices are projected to fall 7 percent mainly due to weak investment demand, prospects of a stronger dollar, and rising real interest rates, the World Bank said in its quarterly Commodity Markets Outlook. Typically, during a strong season, gold buying rises as early as eight weeks ahead of the Lunar New Year, which falls on Saturday, Jan. 28. Technically market is under long liquidation as market has witnessed drop in open interest by -0.98% to settled at 7171 while prices down -78 rupee, now Gold is getting support at 28683 and below same could see a test of 28641 level, And resistance is now likely to be seen at 28784, a move above could see prices testing 28843.

Trading Ideas:

# Gold trading range for the day is 28641-28843.

# Gold slipped as investors took stock of U. S. President Donald Trump's first policy moves and a recovery in the dollar from recent lows.

# U. S. home resales fell more than expected in December as the supply of houses in the market dropped to levels last seen in 1999.

# Holdings of SPDR Gold Trust, fell 0.37 percent to 804.11 tonnes on Tuesday from 807.07 tonnes.