Gold - August 9, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading down on Monday early afternoon trade in Asia, extending losses from Friday, as strong U.S. jobs data increased fears that the U.S. Federal Reserve would hike interest rates and begin asset tapering earlier than expected.

Investors now await further data, including the core consumer price index (CPI), on Wednesday.

Technically, LBMA Gold holds a support of 100-Weeks Moving Average at 1737 levels above which could see some bounced back up to $1754-$1767 levels. Support is at $1738-$1722 levels.

Domestic gold prices are trading down on Monday early afternoon trade, tracking overseas prices.

Trading was quiet with holidays in Japan and Singapore.

Technically, MCX Gold October below 46300 will continue its correction up to 46100-45850 levels. Resistance is at 46300-46500 levels.

In other precious metals, international silver also fell on Monday early afternoon trade in Asia, tracking the strength of the dollar and weak gold prices.

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