Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices inched lower on Thursday early afternoon trade in Asia amid improving risk appetite as concerns over surging COVID-19 cases abated.
Investors now await a European Central Bank (ECB) policy decision later in the day, where the central bank is widely expected to maintain a dovish stance and implement changes in its strategy for the first time.
A dovish may lead Euro to weaken against the Dollar causing the greenback to rise, which will be negative for gold.
Technically, LBMA Gold could see sideways to marginal downside momentum and could trade in a range of $1790-$1810 levels.
Domestic gold prices inched lower on Thursday early afternoon trade, tracking weak overseas prices and a stronger Rupee.
Technically, MCX Gold August could trade within the range of 47700-47400 levels.
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