Gold - Sep 1, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded higher with COMEX spot gold prices rose to $1988 on Tuesday. Gold October future contract at MCX traded half a percent up to Rs. 51960 by noon session limiting upside on rupee appreciation.

Gold prices traded higher continuing the upside with decline in dollar index and fall in bond yields. The US 10-Year Treasury note continued downside after falling more than 4% on Monday. Gold prices traded higher as investors weighed on the comments from US FED Chairman Powell who signalled a new approach to setting monetary policy which dragged dollar index to below two years low.

We expect gold prices to trade sideways to up with support at $1960 and resistance at $2020. MCX Gold October support at Rs. 51800, resistance lies at Rs. 52400.

Source : Equity Bulls

Keywords