(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading flat this Wednesday morning and afternoon trade.
Downside remained capped, supported by grim economic forecasts by the Fed and a weak dollar.
Markets will be waiting to see whether the U.S. Congress will pass a $1.9 trillion COVID-19 stimulus package proposed by U.S. President Joe Biden later in the week.
However, lack of any major data during the day could keep prices in a small trading range.
Technically, LBMA spot gold could trade in a narrow trading band of $1800-$1820.
Domestic gold prices are trading lower in a choppy trading session this Wednesday morning and afternoon trade.
Technically, MCX gold April contract could trade in a narrow trading band of Rs. 46590-47000.
International silver prices are trading marginally in the red in a choppy trading session this Wednesday morning and afternoon trade.
Markets could remain in a small trading band amid lack of any major trigger point today.
However, gold is faring slightly better than silver today after the gold-silver ratio rose to 65.35 compared to 64.04 close yesterday.
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