(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices held onto gains this Thursday morning in Asia after surging on Wednesday as the dollar extended declines with investors looking ahead to the potential delivery of more fiscal stimulus.
However, some profit taking was observed in early Thursday afternoon trade.
Meanwhile, the Bank of Japan kept its interest rate unchanged as it handed down its policy decision earlier in the day. The People's Bank of China also kept its loan prime rate steady at 3.85%.
Traders will await the monetary policy decision from the European Central Bank today. The central bank is widely expected to be open to further stimulus measures.
The U.S. Federal Reserve policy makers hold their inaugural meeting of 2021 next week.
Technically, LBMA Gold Spot is taking a resistance near 21-Daily Moving Average at $1874 levels and below which could see a sideways momentum in the range of $1858-$1875 levels in coming sessions.
Domestic gold prices rose this Thursday morning and early afternoon trade in Asia, tracking gains in the overseas markets.
Technically, MCX Gold February holds a resistance of 65-Daily Moving Average at 49900 levels below which could see a sideways momentum in the range of 49300-49900 levels.
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