Gold on MCX settled up 0.15% at 31328 were little changed fighting back from overnight losses. Gold prices was steadied as last week's rally ran out of steam, with markets awaiting a U.S. presidential debate later in the day for pointers on the outcome of November's election. The metal ended Friday little changed but was up 2 percent week on week, its biggest weekly gain in nearly two months. That was driven chiefly by the U.S. Federal Reserve's cautious tone on interest rates after its policy meeting on Wednesday. However, uncertainty over the outlook for U.S. monetary policy and sluggish demand for physical metal in Asia kept a lid on gains later in the week. Traders will also paying attention when Mister Trump and HR Clinton meet for the first in a series of presidential debates that may decide the election. Meanwhile Gold CFTC data for the week up to September 20 showed significant long liquidation, but given the gains that started on September 21, it does look as though buying returned in the latter part of last week and the ETF data supports that, with gold ETF holdings setting a fresh high for the year on Friday. While traders are eyeing for a technical break above $1,348 which would force the prices to strength of that would indicate whether it's onwards and upwards or back down to test support. Technically market is under short covering and getting support at 31242 and below same could see a test of 31157 level, And resistance is now likely to be seen at 31381, a move above could see prices testing 31435.

Trading Ideas:

Gold trading range for the day is 31157-31435.

Gold prices remained in range as investors squared positions ahead of debate between Donald Trump and Hillary Clinton.

The Federal Reserve held off on raising interest rates and scaled back the number of rate hikes it expects next year.

Russia and Kazakhstan continued to boost their gold reserves in August, data from the International Monetary Fund showed.