Gold - Jan 13, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices rose to $1857 per ounce on Wednesday. Gold February future contract at MCX were trading up to Rs. 49359 per 10 grams in line with recovery in COMEX gold prices.

Gold prices traded higher on dollar decline with fall in US treasury yields. The 10 year US treasury yields eased from 10 months highs on Tuesday boosting buying in yellow metal. The revisited pandemic fears raised concerns over economic recovery which also supported gold prices from lower levels.

We expect gold prices to trade sideways to up with COMEX gold resistance at $1880, support at $1840. MCX Gold February support lies at Rs. 49100 with resistance at Rs.49600.