Gold was little changed and settled with a marginaly gain of +0.12% to settled at 29657 retaining gains from the previous session, while investors waited for China trade data for clues on the health of the world's second-biggest economy, support seen on domestic exchange as rupee slid fell to its lowest in more than a week yesterday after data showing a fall in inflation in China and weaker than expected US jobs growth data sent global risk assets lower. As India depends on capital inflows to bridge its current account gap, and the high-yielding currency is thus sensitive to global risk sentiment, especially given the country runs a wide current account deficit and is seeing slowing growth. Market sentiment steadied as traders were awaiting a meeting of euro zone finance ministers to discuss a plan announced last month to help the region's indebted nations and banking systems. Meanwhile, investors also continued to monitor rising bond yields for peripheral euro zone nations, amid sustained fears over the region's debt crisis. Now technically market is trading in the range as RSI for 18days is currently indicating 50.43, where as 50DMA is at 29614 and gold is trading above the same and getting support at 29591 and below could see a test of 29526 level, And resistance is now likely to be seen at 29701, a move above could see prices testing 29746.
Gold trading range for the day is 29526-29746.
Gold settled with a gain as rising Spanish borrowing costs underlined concerns over euro zone's.
Gold traders already shifted their focus to the release of the minutes of the Federal Reserve's.
SPDR gold trust holding dropped by 3.62 tonnes to 1275.46 tonnes.