Gold price is expected to trade lower today on strong U.S. data that boosted hopes of a quick economic recovery

Gold price today 07-04-2021: Anand Rathi Securities Fundamental Analyst Jigar Trivedi says that yesterday, MCX gold, for the third consecutive session, appreciated and closed just slightly below the psychologically-important level of Rs 46000 as the sentiment turned positive in the international market.

However, U.S. job openings rose to a two-year high in February while hiring picked up as strengthening domestic demand amid increased COVID-19 vaccinations and additional pandemic aid from the government boosted companies' needs for more workers.  

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The IMF raised its outlook for global economic growth, forecasting worldwide output would rise 6% this year.  Holding at the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.4% to 1,029.04 tonnes on Tuesday from 1,032.83 tonnes on Monday.

From an economic data point of view, EU & Germany will publish service & composite PMI for March in the afternoon. The US will release a trade balance for February.

According to the expert, gold price is expected to trade lower today, retreating from a two-week high hit in the previous session, as a raft of strong U.S. data boosted hopes of a quick economic recovery. Moreover the investment demand has continued to fall every single day. Hence for intraday, the sentiment is likely to be bearish in the yellow metal.