Gold - May 14, 2020 - HDFC Securities

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

Gold prices traded strong on Thursday with international spot gold prices traded near $1718 witnessing sage haven buying.

Gold futures at MCX for June rallied by Rs. 227 to Rs. 46200 supported by strong international gold prices and rupee depreciation.

Gold prices witnessed buying after US Fed Chairman warned of worst recession in the history since word war two. Prices gained on safe haven buying as investors rush to secure their funds with selling in equity indices.

We expect prices to trade sideways to up with MCX Gold June support at Rs. 45800, resistance at Rs. 46500.

Source : Equity Bulls

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