Gold - April 30, 2020 - HDFC Securities

Mr. Tapan Patel - Senior Analyst (Commodities)

Gold prices traded positive on Thursday with international spot gold prices gained to $1716 with decline in dollar index.

Gold futures at MCX for June contract rose by Rs. 234 to Rs. 45780 by noon despite of stronger rupee. The spot rupee was trading around 59 paisa stronger against the dollar during the day.

Gold prices gained after US FED kept key interest rates near zero keeping all options open to use all tools to support US economy. The global gold investment demand continued to soar as total investment demand rose by 80% in First quarter of 2020 compare to previous year.

We expect prices to trade sideways to up for the day with MCX Gold June support at Rs. 45600, resistance at Rs. 46000.

Source : Equity Bulls

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