Gold on MCX settled down -0.23% at 29651 as the dollar rose on expectations that the U. S. Federal Reserve might raise interest rates in December. Several voting Federal Reserve policymakers judged a rate hike would be warranted "relatively soon" if the U. S. economy continued to strengthen but doubts on inflation remained, according to the minutes of the Fed's September policy meeting showed. The European Central Bank may discuss technical changes to its asset-buying scheme next week but a decision could be deferred until December when the bank will also decide whether to extend the scheme beyond March, sources familiar with the discussion said. Bank of England policymaker Michael Saunders said on Tuesday he would not be surprised if the pound fell further, but the BoE could overlook the effect of weak sterling on inflation, possibly for years. Bank of Japan policymakers signalled on Wednesday they had raised the threshold for further easing after last month's policy revamp - keeping their pledge to expand stimulus if needed, but only to protect the economy from external shocks. The Federal Reserve can be "gentle" in removing monetary stimulus since U. S. inflation remains low and the economic expansion could last five or more years, one of the most influential Fed policymakers said. "We're at a point where the economic expansion has plenty of room to run," said New York Fed President William Dudley, echoing Fed Chair Janet Yellen's message last month after the central bank decided to leave interest rates unchanged at near a record low of 0.25-0.5 percent. Technically now Gold is getting support at 29567 and below same could see a test of 29484 level, And resistance is now likely to be seen at 29756, a move above could see prices testing 29862.

Trading Ideas:

Gold trading range for the day is 29484-29862.

Gold prices edged down as the dollar rose on expectations that the U. S. Federal Reserve might raise interest rates in December.

Several voting Federal Reserve policymakers judged a rate hike would be warranted "relatively soon" if the U. S. economy continued to strengthen

The European Central Bank may discuss technical changes to its asset-buying scheme next week but a decision could be deferred until December