Gold - June 15, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Gold prices witnessed correction on Monday with international spot gold prices traded near $1718 facing resistance at $1745.

Gold futures at MCX for August traded down by Rs.464 to Rs. 46870 with selling in global gold prices. The rupee depreciation failed to limit downside in gold prices in India which was trading around 20 paisa weaker against the dollar for the day.

Gold prices declined from the recent highs as investors locked in the short term profits near the resistance levels at $1745. Gold prices traded lower on Monday after Beijing reported a rise in virus cases which may limit the retail demand from one of the world's top gold consumers.

We expect gold prices to trade sideways to down with MCX Gold August support at Rs. 46700, resistance at Rs. 47200.

Source : Equity Bulls

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