Gold - May 8, 2020 - HDFC Securities

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

Gold prices continued overnight rally of Thursday with international spot gold prices traded near $1719 on Friday.

Gold futures at MCX for June was trading higher by Rs. 99 to Rs. 46260 limiting upside on stronger rupee against the dollar.

Gold prices witnessed buying on weak job markets numbers from US. Gold prices traded higher on higher expectations of increase in stimulus package and negative interest rates. The fall in dollar index also supported prices to trade firm for the day.

We expect prices to trade sideways to up for the day with MCX Gold June support at Rs. 45900, resistance at Rs. 46500.

Source : Equity Bulls

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