Gold - Jan 7, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded steady with COMEX spot gold prices traded near $1919 on Thursday witnessing marginal recovery. Gold February future contract at MCX were trading up to Rs. 50881 per 10 grams wit recovery in COMEX prices.

Gold prices traded under pressure with rise on US treasury yields on higher stimulus package hopes. The democrats are set to take control US senate which triggered profit booking in gold prices with rise bond yields.

We expect gold prices to trade up with COMEX gold resistance at $1940, support at $1900. MCX Gold February support lies at Rs. 50500 with resistance at Rs.51200.

Source : Equity Bulls

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