Gold - Feb 26, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International Gold prices continued to extend losses this Friday morning and early afternoon trade in Asia as U.S. Treasury yields jumped amid hopes for a global economic recovery from COVID-19 and inflation fears.

The U.S. Dollar Index was trading solidly higher this Friday morning and early afternoon trade and weighed on sentiments.

Investor sentiments remained weak after latest data SPDR Gold Trust ETF showed holdings fell another 0.6% on Thursday to its lowest level since May 2020.

On the central bank front, the U.S. Federal Reserve's comment that it is not concerned with rising bond yields has added to gold's weakness.

Technically, LBMA Gold Spot has given a breakdown below $1760 levels indicating a Bearish momentum up to $1741-$1733 levels. Resistance is at $1766-$1772 levels.

Domestic gold prices are trading lower this Friday morning and early afternoon trade, tracking overseas prices.

The only factor maybe limiting today's losses is a weaker Rupee.

Technically, MCX Gold April is trading on a negative note and further trade below 46000 will continue its Bearish momentum up to 45900-45650 levels and Resistance is at 46150-46700 levels.

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Source : Equity Bulls

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