Gold - May 12, 2020 - HDFC Securities

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

Gold prices traded higher with international spot gold prices gained above $1700 near $1706 on Tuesday.

Gold futures at MCX for June traded up by by Rs. 126 to Rs. 45907 limiting upside with rupee appreciation.

Gold prices witnessed recovery on Tuesday on growing worries over second wave of coronavirus infections in China and South Korea.

The investors and traders are awaiting for fresh cues as prices have stuck in the narrow trading range of $1680-$1720 since past few days.

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

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