Gold - Feb 26, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded lower with COMEX spot gold prices fell below $1760 per ounce on Friday. Gold April future contract at MCX were trading down at Rs. 46070 per 10 grams by noon session limiting downside on sharp rupee depreciation.

Gold prices are set to mark second monthly losses with rise in US bond yields as US 10 year Treasury yields rose above 1.50% to the highest levels since February 2020. The rally in the Bitcoin also pressured precious metals to trade lower.

We expect gold prices to trade sideways to down with COMEX spot gold support lies at $1740 and resistance at $1790. MCX Gold April support lies at Rs. 45800 and resistance lies at Rs. 46300.