Gold - July 2, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading marginally in the red on Friday early afternoon trade in Asia, reversing initial gains as investors avoided big bets ahead of the release of critical U.S. employment data that could influence the U.S. Federal Reserve's recent hawkish stance on monetary policy.

The dollar inched up on Friday early afternoon trade in Asia towards three-month highs and kept upside limited.

Hawkish statement from Philadelphia Fed President Patrick Harker also kept upside limited. He suggested that cutting asset purchases by $10 billion a month might be reasonable and added that he favoured starting the process in 2021.

The U.S. jobs report for June, including non-farm payrolls, will be released later in the day.

Technically, LBMA Gold Spot resistances are at $1785 and $1793. Supports are at $1770 and $1761 levels.

Domestic gold prices are trading higher on Friday early afternoon trade, tracking a weaker Rupee.

The Rupee weakened this Friday early afternoon trade tracking the strength of the dollar.

Technically, MCX Gold August resistance are at 47300 and 47500. Supports are at 46900 and 46700.

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Source : Equity Bulls

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