Gold - Nov 20, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded steady with COMEX spot gold prices traded near $1867 on Friday. Gold December future contract at MCX were trading half a percent down to Rs. 49956 per 10 grams for the day.

Gold prices traded muted on uncertainty over US stimulus. The US Treasury Secretary Steven Mnuchin has asked the Federal Reserve to return funds for a general loan system that it is administering to support various organizations during the pandemic while at other end, republican have agreed to restarts the stimulus talks with democrats.

We expect gold prices to trade sideways to up with COMEX gold resistance at $1880, support at $1850. MCX Gold December support lies at Rs. 49800 with resistance at Rs. 50400.