Gold prices recovered from losses but ended the week with losses as strength in the dollar and recent all-time highs in major U. S. stock indexes dulled demand for so-called haven investments. Gold found itself exposed to painful losses after the renewed investor risk appetite from the Trump effect and dollar's resurgence encouraged sellers to attack the metal incessantly. U. S. gross domestic product slowed to 1.9% in the fourth quarter. That means annual growth failed to reach 3% for the 11th-straight year, reflecting the hurdles the new Trump administration faces in trying to speed up a 7 ½-year-old expansion. A separate report showed durable-goods orders fell for a second straight month. Gold demand in India improved this week, boosted by a fall in prices overseas, although some consumers waited to see if hopes for an import duty cut in the government's budget next week will be realised. Dealers in India, the world's second-largest consumer of the metal, were charging a premium of up to $2 an ounce over official domestic prices, unchanged from last week. The trade ministry has requested the finance ministry to cut the import duty to 6 percent, according to a senior government official. In Hong Kong and Singapore, premiums were mostly unchanged from previous week's premium of around $1 - $1.40 an ounce. China's net gold imports via main conduit Hong Kong rose 2.7 percent in December over the previous month. Technically market is under long liquidation as market has witnessed drop in open interest by -13.11% to settled at 5443 while prices down -32 rupees, now Gold is getting support at 28165 and below same could see a test of 27976 level, And resistance is now likely to be seen at 28463, a move above could see prices testing 28572.

Trading Ideas:

Gold trading range for the day is 27976-28572.

Gold prices recovered from losses but ended the week with losses as strength in the dollar and recent all-time highs in major U. S. stock indexes dulled demand.

Gold buying from China stopped ahead of its week-long holiday to celebrate the Lunar New Year.

Gold found itself exposed to painful losses after the renewed investor risk appetite from the Trump effect.