Gold settled up 2.66% at 30157 as Gold premiums in India recovered 21 percent to $75 an ounce on London prices from a four-month low as the federal government kept import duty steady at a record 10 percent. India's finance minister said on Monday that the government would look into relaxing gold imports curbs, but did not announce any immediate change. Meanwhile Comex Gold settled at 1329.21 hit a 3-1/2 month high on Monday as fears over U.S. economic growth following a series of disappointing data sent the dollar to a six-week low and lifted demand for the metal. Gold saw a nice rally last week from $1,275 to around $1,320. Weaker than expected economic data continues to support the precious metal. Winter weather has received most of the blame for the poor economic data, but there are indications a slowdown is happening in some of the data. Retail sales, in particular, weren’t affected by just winter weather. Internet sales also fell in January. Gold and silver prices have been well-supported in recent weeks amid concerns that the U.S. economic recovery has lost momentum since the end of last year as inclement winter weather weighed on growth. Data on Friday showed that U.S. industrial production fell 0.3% from a month earlier in January, compared to expectations for a 0.3% gain. This disappointing data came one day after the Commerce Department said that retail sales fell 0.4% in January, confounding expectations for a 0.3% increase. Gold has gained nearly 9% since the beginning of the year, while silver has picked up approximately 7.5%. Technically market is getting support at 29622 and below same could see a test of 29086 level, And resistance is now likely to be seen at 30456, a move above could see prices testing 30754.

Trading Ideas:

Gold trading range for the day is 29086-30754.

Gold rose as fears over U.S. economic growth and a weaker dollar added to the metals' safe-haven appeal

Prices have been boosted by weak U.S. and Chinese economic data, while emerging market jitters have hurt some equity markets last month, spurring demand for bullion.

Gold premiums in India recovered 21% from their four-month low as the federal government kept the import duty steady at a record 10%.