(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices were flat to weaker this Monday morning and early afternoon trade in Asia as U.S benchmark yields and the U.S. Dollar index were higher this Monday morning in Asian trade.
Investors continued to have faith in the bond yields after U.S. President Joe Biden announced a $2 trillion-plus jobs plan last week which could push inflation higher.
Meanwhile, robust jobs data could also weigh on sentiments as the U.S. economy will be blooming supported by faster vaccine rollouts and fiscal stimulus.
Technically, LBMA Gold Spot remained above $1720 levels which suggest that the bullish momentum could continue up to $1735-$1744 levels. Support is at $1722-$1715 levels.
Domestic gold prices are trading flat this Monday morning and early afternoon in Asian trade tracking flat overseas prices.
Technically, MCX Gold June could hold onto supports at 45300-45000 levels which could move prices to 45700-45950 levels.
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