(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices were flat in early Monday afternoon in Asia trade.
Optimism surrounding the U.S. stimulus aid package fizzled out and kept upside capped, however, the U.S. Dollar Index was weak this Monday afternoon in Asia trade and capped downside in gold prices.
Meanwhile, India's gold imports declined 47.42% from the year ago to $9.28 billion during April-October 2020 due to lack of demand during the Covid-19 pandemic. Silver imports dipped as well, by 64.65% to $742 million.
Markets await news from the U.S. Federal Reserve for direction with the Fed minutes to be released this week.
Technically, LBMA Gold Spot is trading on a flat note where it is sustaining above $1870 levels where $1866-$1859 will be immediate support. Resistance is at $1879-$1886 levels. Gold might trade in a range of $1865-$1886 levels.
MCX Gold December is sustaining above 50200 levels which signifies for positive momentum to continue up to 50400-50600. However below 50150 will continue its Bearish momentum upto 49900-49700 levels.
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