Gold settled with the mild gain at 30907 but pressure seen last week after US data showed job market growth has slowed, suggesting the Federal Reserve may retain its monetary stimulus in the near term. Bullion rebounded 1.5% an ounce, from its session low near $1,625, after a Labor Department report showed that US employers kept their pace of hiring steady in Dec and fell short of the levels needed to bring down the country's swollen unemployment rate. The US jobs data pointed to lackluster economic growth in 2013, which is likely to prompt the Fed to keep its asset purchase program in place. And that increased gold's appeal as a hedge against inflation caused by money printing by central banks. Gold's drop came on the heels of a more than 1% sell-off on Thursday after Fed minutes showed several officials thought it would be appropriate to slow or stop asset purchases well before the end of 2013. They cited concerns about financial stability and the size of the balance sheet. Gold has been particularly sensitive to any indications that the Fed could withdraw its stimulus soon. The US central bank has linked the continuation of its loose monetary policy to evidence of a sustained upturn in the jobs market. Among gold-backed ETF, the No. 1 SPDR Gold Trust reported an outflow of 9.638 tonnes as of Jan. 3, the biggest one-day decline in its holdings since Sept. 26. Now technically market is getting support at 30839 and below could see a test of 30770 level, And resistance is now likely to be seen at 30958, a move above could see prices testing 31008.

Trading Ideas:

Gold trading range for the day is 30770-31008.

Gold gained on short covering as U. S. released its December jobs report, which beat expectations supported prices

Turkey's gold exports rose nearly 800 percent last year on the back of soaring sales to Iran and the trade will continue

SPDR gold trust holdings gained by 1.27 tonnes to 1342.09 tonnes