Gold - Sep 24, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Gold prices traded lower with COMEX spot gold fell half a percent down to $1853 on Thursday. Gold October future contract at MCX were trading marginal down by 0.16% to Rs. 49437 per 10 grams limiting downside on rupee depreciation. The rupee ended 33 paisa lower against the dollar for the day.

Gold prices loses strength to dollar amid slower economic growth in Europe and rising COVID-19 cases. The US FED's signal for further stimulus also boosted buying in dollar which pushed precious metals down.

We expect gold and silver prices to trade lower with COMEX gold support at $1835 and resistance at $1880. MCX Gold support lies at Rs. 48800, resistance at Rs. 49800.

Source : Equity Bulls

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