Gold settled up 0.34% at 27613 as fresh inflows into bullion-backed funds indicated rising investor confidence the metal ahead of the release of the latest Federal Reserve minutes. The Fed may end its bond buying program after its October meeting if "certain economic conditions remain positive", the minutes said. But the minutes also contained the central bank's oft-repeated stance that U.S. inflation was expected to remain over the next few years at below the Fed target of 2 percent. Two Fed officials gave a relatively downbeat assessment of the pace of U.S. growth on Tuesday. Gold tends to benefit from such a view, as it suggests that the central bank may hold off on further reining in its gold-friendly stimulus policies. The world's largest gold exchange-traded fund, New York-listed SPDR Gold Shares, reported a second straight session of inflows on Tuesday, taking its holdings above 800 tonnes for the first time since mid-April. Prices advanced amid concerns that recent U.S. data showing that the labor market is continuing to strengthen will not be enough to prompt the Fed to bring forward its timetable for raising interest rates. Official data late last week showed that the U.S. economy added a larger-than-forecast 288,000 jobs last month, while the unemployment rate ticked down to 6.1%, the lowest in almost six years. Technically market is under fresh buying as market has witnessed gain in open interest by 5.97% to settled at 9099 while prices up 94 rupee, now Gold is getting support at 27538 and below same could see a test of 27464 level, And resistance is now likely to be seen at 27692, a move above could see prices testing 27772.

Trading Ideas:

Gold trading range for the day is 27464-27772.

Gold rose after the U.S. Federal Reserve's latest meeting minutes did not suggest any hike in U.S. interest rates soon.

Two Fed officials gave a relatively downbeat assessment of the pace of U.S. growth.

Official data late last week showed that the U.S. economy added a larger-than-forecast 288,000 jobs last month.