Gold - May 25, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded firm with COMEX spot gold prices were trading marginal up at $1882 per ounce Tuesday. Gold June future contract at MCX were trading near Rs. 48510 per 10 grams by noon session capping upside on rupee appreciation.

Gold prices kept firm trading hovered near four month highs supported by inflation hedge from the investors. The comments from US FED official were quite a cooling factor for prices after they reiterated that rise in inflation is transitory. The spike in COVID cases in other parts of world has also supported gold prices to trade firm along with weaker dollar.

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. 48200 and resistance at Rs. 48800 per 10 gram.

Source : Equity Bulls

Keywords