Gold on MCX settled down -0.08% at 31379 as Comex Gold hit a two-week low was down 0.3 percent at $1,336.99 an ounce as upbeat comments from Federal Reserve officials on the U.S. economy boosted expectations that the central bank could lift interest rates sooner rather than later. The Fed's No.2 policymaker, Stanley Fischer, said on Sunday the Fed is close to hitting targets for full employment and 2 %inflation.

 Gold is highly sensitive to rising U.S. interest rates, which boost the opportunity cost of holding non-yielding gold, while lifting the dollar, in which it is priced. Also Central bankers from around the world will gather from Aug. 25 for an annual meeting in the mountains of Jackson Hole, Wyoming, with Chair Janet Yellen due to speak the following day.

                               Technically market is getting support at 31257 and below same could see a test of 31135 level, And resistance is now likely to be seen at 31448, a move above could see prices testing 31517.   

                 Trading Ideas 

1. Gold trading range for the day is 31135-31517.  
2. Gold dropped as the U.S. dollar rallied amid indications the Federal Reserve could raise interest rates as early as next month.
3. Fed vice chairman Stanley Fischer said that the U.S. economy was close to hitting the central bank's targets for full employment and 2% inflation. 
4. SPDR gold trust holdings gained by 0.25% i.e. 2.38 tonnes to 958.37 tonnes from 955.99 tonnes.     

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