Gold - April 9, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded lower with COMEX spot gold prices were trading half a percent down at $1745 per ounce on Friday. Gold June future contract at MCX were trading marginal down at Rs. 46715 per 10 grams by noon session as weaker rupee capped downside.

Gold prices witnessed some profit booking with dollar gain as traders and investors overcome the dovish stance from FED. Gold prices earlier were supported by ease in US bond yields and weaker dollar on higher inflation concerns.

We expect gold prices to trade sideways to down for the day with COMEX spot gold support lies at $1730 and resistance at $1760. MCX Gold June support lies at Rs. 46400 and resistance lies at Rs. 46900.

Source : Equity Bulls

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