Gold settled down by -1.43% at 28197 as widespread expectation of an interest-rate increase by the Federal Reserve in December dampened the metal's short-term outlook. The U. S. economy grew faster than initially estimated in the third quarter, notching up its best performance in two years, buoyed by strong consumer spending and a surge in soybean exports. The case for raising U. S. interest rates has "clearly strengthened" since early November, before Americans elected Republican Donald Trump as president, Federal Reserve governor Jerome Powell said on Tuesday in the latest signal that a policy tightening is imminent. Bullion has lost $150 from a Nov. 9 post U. S. election high of $1,337.40 per ounce, hurt by a rally in the U. S. dollar on surging Treasury yields as investors believed President-elect Donald Trump's policies would invoke faster inflation. Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced. In welcome news for retailers going into the holiday shopping season, the Conference Board released a report showing a much bigger than expected jump in U. S. consumer confidence in the month of November. The Conference Board said its consumer confidence index surged up to 107.1 in October from an upwardly revised 100.8 in October. With the bigger than expected increase, the consumer confidence index reached its highest level since hitting 111.9 in July of 2007. Technically market is under fresh selling as market has witnessed gain in open interest by 42.76% to settled at 5652 while prices down -409 rupee, now Gold is getting support at 28033 and below same could see a test of 27869 level, And resistance is now likely to be seen at 28479, a move above could see prices testing 28761.

Trading Ideas:

Gold trading range for the day is 27869-28761.

Gold dropped as widespread expectation of an interest-rate increase by the Federal Reserve in December dampened the metal's short-term outlook.

The U. S. economy grew faster than initially estimated in the third quarter, notching up its best performance in two years.

Payroll processor ADP report showed that U. S. private sector employment increased by much more than expected in the month of November.