Gold - March 5, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices extended losses this Friday morning and early afternoon trade in Asia after Federal Reserve Chair Jerome Powell signalled no immediate move to address the surge in bond yields.

The U.S. 10-year yield topped 1.583%, while the dollar also moved higher on Friday morning and early afternoon trade in Asia and weighed on prices.

Meanwhile, the World Gold Council said that the amount of gold held by exchange-traded funds fell by 84.7 tonnes worth $4.6 billion in February.

Investors now await non-farm payrolls data tonight.

Technically, LBMA Gold Spot is trading below $1700 level and will continue its Bearish momentum up to $1685-$1671 levels. Resistance is at $1705-$1716 levels.

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

Technically, MCX Gold April started with a gap down trade below 44500 and further could witness a downside pressure up to 44100 levels. Resistance is at 44670-44845 levels.

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Source : Equity Bulls

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