Commodities

Gold - May 24, 2021 - Reliance Securities



Posted On : 2021-05-24 23:12:34( TIMEZONE : IST )

Gold - May 24, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading flat to marginally higher on Monday early afternoon trade in Asia supported by a weaker U.S. dollar, while a slide in crypto currencies further lifted the safe-haven metal's appeal.

Rising U.S. inflationary risks have spooked markets after data showed a rise in consumer prices and pick-up in factory activity, also lifting gold's appeal as an inflation hedge.

Indicative of sentiment, holdings of SPDR Gold Trust rose 0.6% to 1,042.92 tonnes on Friday.

Technically, LBMA Spot gold could trade in a range of $1,875 to $1,893, and a breakout could suggest a direction.

Domestic gold prices are trading with small gains on Monday early afternoon trade, tracking overseas prices and a weaker Rupee.

Technically, MCX Gold June could see a bullish momentum up to 48650-48800 levels. Support is at 48370-48200 levels.

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Source : Equity Bulls

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