Gold - April 29, 2020 - HDFC Securties

Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Gold prices traded steady with international spot gold prices recovered to $1706 on Wednesday.

Gold futures at MCX for June contract fell by Rs. 161 to Rs. 45905 by noon witnessing selling pressure from rupee appreciation. The spot rupee which was trading around 50 paisa stronger keo upside limited in MCX Gold prices.

Gold prices traded steady during the day as traders are awaiting US FED decision. The new stimulus package announcement can support gold prices to trade higher. However, the expectations of easing of lockdown measures has kept prices under pressure. We expect prices to trade sideways to up for the day with MCX Gold June support at Rs. 45700 , resistance at Rs. 46200.

Source : Equity Bulls

Keywords