Gold - May 4, 2020 - HDFC Securities

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

Gold prices traded positive for the second consecutive day with international spot gold prices gained to $1705 on Monday.

Gold futures at MCX for June contract rose by Rs. 267 to Rs. 45794 supported by rupee depreciation which was trading around 60 paisa weaker against the dollar.

Gold prices traded higher from Friday after US President used a tougher tone for China and signaled to impose tariffs, accusing China for mishandling of the COVID 19 pandemic situation.

Gold prices may keep the risk premium higher in the prices on slower economy growth despite of announcements of massive stimulus packages.

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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