Gold - March 1, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading above $1750 per ounce on Monday gaining nearly 1%. Gold April future contract at MCX were trading over half a percent up at Rs. 45990 per 10 grams by noon session limiting upside on rupee appreciation.

Gold prices witnessed pullback on Monday as bond yields eased from recent highs while dollar index traded weak. The $1.9 trillion stimulus hopes also boosted buying in precious metals from support levels.

We expect gold prices to trade sideways to up for the day with COMEX spot gold support lies at $1740 and resistance at $1780. MCX Gold April support lies at Rs. 45800 and resistance lies at Rs. 46300.