Gold on MCX settled up 0.73% at 28738 in the line of expectation tracking firmness from Comex Gold which settled at their highest level since mid-November on Tuesday rose nearly $16.70 to settle at $1,212.90 an ounce after trading as high as $1,218.90. The settlement was the highest since Nov. 17, as support also seen after the nervousness surrounding Britain’s push to exit from the EU and U.S. President-elect Donald Trump’s inauguration this week fed haven demand for the precious metal. Meanwhile, UK Prime Minister Theresa May has announced that the U.K. isn't looking to be a partial member of the EU, which has also aggravated fears of the future of the union. The dollar is beginning to show signs of wear and equity valuations may be ahead of reality. Gold futures had gained about 1.9% last week, boosted by a retreat for the dollar and stock markets, as postelection enthusiasm for riskier assets stalled. Speculative financial investors have built up net long positions in the metal for the first time in nine weeks. From data side data in yesterday session showed that an index of manufacturing conditions in the New Year area pulled back in January from an eight-month high at the end of last year. The Empire State’s general business conditions slipped to 6.5 in January from a revised 7.6 in December. While Holdings of the largest physically backed ETF, the SPDR Gold Trust, rose on Friday for the first time since Nov. 9, the day after Trump's election victory, indicating investor interest. Credit Suisse said in a note it remained "constructive" on gold prices, forecasting an average of $1,338 an ounce in 2017. Technically market is getting support at 28614 and below same could see a test of 28490 level, And resistance is now likely to be seen at 28819, a move above could see prices testing 28900.

Trading Ideas:

Gold trading range for the day is 28490-28900.

Gold gained as stocks and the dollar fell after U.S. President-elect Donald Trump said the greenback was "too strong".

Britain will quit the EU single market when it leaves the European Union, Prime Minister Theresa May said in a decisive speech.

Fed’s Williams called for gradual U.S. interest-rate hikes over the next few years to keep the economy from overheating and ultimately falling into recession.