Gold - April 13, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded lower with COMEX spot gold prices were trading down at $1726 per ounce on Tuesday. Gold June future contract at MCX were trading marginal up at Rs. 46556 per 10 grams by noon session.

Gold prices kept choppy trading range with dollar fluctuations and marginal gain in US bond yields. The investors and traders have bought safe haven assets on dollar debasement over inflation concerns. The US Treasury yields were marginally higher after an auction of three- and 10-year notes on Tuesday, with 30-year notes to be auctioned later in the day.

We expect gold prices to trade sideways to up for the day with COMEX spot gold support lies at $1720 and resistance at $1740. MCX Gold June support lies at Rs. 46200 and resistance lies at Rs. 46800.

Source : Equity Bulls

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