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.

Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.

Source : Equity Bulls

Keywords