Gold - May 17, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading half a percent up at $1853 per ounce on Monday. Gold June future contract at MCX were trading up by 0.70% at Rs. 48031 per 10 grams by noon session.

Gold prices rose to three month highs on inflation worries and weak economic data from US and China. The yellow metal rose with decline in US bond yields as 10 year treasury yields fell by more than 1% on Monday.

We expect gold prices to trade sideways to up for the day with COMEX gold support at $1840 and resistance at $1860 per ounce. MCX Gold June support lies at Rs. 47800 and resistance at Rs. 48400 per 10 gram.

Source : Equity Bulls

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