Gold trading range for the day is 49070-49954.
Gold prices steadied as the U.S. dollar eased, reflecting relief over an orderly transition of power and amid bets on increased U.S. government spending.
Inflation expectations are on the rise, given the very dovish approach from U.S. Treasury secretary nominee Janet Yellen as well as Biden's stance towards fiscal stimulus.
India's imports of gold contracted 52% YoY in 2020. Certainly, the pandemic and high price did the damage.
Hedge funds and money managers reduced their bullish positions in COMEX gold contracts in the week to Jan. 12, the U.S. CFTC said
BUY GOLD FEB 2021 @ 49300 SL 49000 TGT 49550-49750.MCX
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