Gold settled up 0.24% at 27934 as support seen from the Rupee weakness as dollar gained while Comex Gold held overnight losses to trade below $1,300 an ounce on Thursday and looked likely to extend declines to a fourth day as optimism over U. S. economic growth curbed safe-haven appetite for the metal.

The Fed on Wednesday reaffirmed it was in no rush to raise interest rates, even as it upgraded its assessment of the U. S. economy and expressed some comfort that inflation was moving up toward its target. After a two-day meeting, Fed policymakers took note of both faster economic growth and a decline in the unemployment rate, but expressed concern about remaining slack in the labor market. A Commerce Department report on Wednesday showed U. S. gross domestic product for the second quarter rebounded more than anticipated, after reporting a notable contraction in economic activity in the first quarter. U. S. GDP grew 4% in the Q2 following a revised 2.1% decrease in the first quarter, with market anticipated a 3% rise.

Meanwhile, employment in the U. S. private sector registered a notable growth in July, albeit below expectations, a report from payroll processor ADP showed Wednesday. Meanwhile, conflicts in Ukraine and the Middle East continue unabated. The U. S. and European Union have reportedly imposed more sanctions on Russia, condemning its support to Ukrainian separatists. Elsewhere, reports say Israeli forces have attacked a U. N. school in northern Gaza this morning, killing about 15 Palestinians. Now Investors will now turn their attention to U. S. jobs data due on Friday. Technically market is getting support at 27779 and below same could see a test of 27623 level, And resistance is now likely to be seen at 28035, a move above could see prices testing 28135.

Trading Ideas:

Gold trading range for the day is 27623-28135.

Gold settled up as support seen from the Rupee weakness as dollar gained after data showed that U. S. economy grew significantly.

Fed policymakers reiterated concerns about slack in the labor market and reaffirmed it will not hurry to raise rates.

Data showed that the U. S. economy rebounded sharply in the second quarter as consumers stepped up spending and businesses restocked.