Gold - March 31, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices reversed early losses in a choppy trading session and were trading with marginal gains this early Wednesday afternoon trade in Asia as the U.S. Dollar gave up morning gains, while bond yields softened ahead of the Biden administration release of the Infrastructure plan.

Earlier, gold was down as China reported faster-than-expected growth in its factory activity.

Investors now await the U.S. employment report for March, including non-farm payrolls, due out on Friday. A precursor to the nonfarm payrolls is the ADP Nonfarm Employment Change for the month of March.

Meanwhile, the International Monetary Fund will also raise its forecast for global economic growth in 2021 and 2022 from the 3.5% contraction recorded in 2020.

Technically, LBMA Gold Spot holds a support zone near $1670-$1680 levels from where a bounce back can be expected up to $1695-$1705 levels.

Domestic gold prices were trading flat this early Wednesday afternoon trade in a choppy trading session.

Technically, MCX Gold June could bounce back from 44200-44000 levels up to 44700-44900 levels.

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Source : Equity Bulls

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