Gold - May 20, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading up at $1874 per ounce on Thursday. Gold June future contract at MCX were trading marginal down at Rs. 48494 per 10 grams by noon session.

Gold prices traded higher as crash in crypto currencies and FED minutes speculation boosted buying as safe haven asset. Major central banks have flagged worries over higher inflation which may support bullion prices to trade firm. Gold prices attracted safe haven buying on slower economic recovery with rising cases in Asia.

We expect gold prices to trade sideways to up for the day with COMEX gold support at $1860 and resistance at $1900 per ounce. MCX Gold June support lies at Rs. 48300 and resistance at Rs. 49000 per 10 gram.

Source : Equity Bulls

Keywords