Gold - June 2, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices were trading down at $1898 per ounce Wednesday. Gold August future contract at MCX were trading marginal up at Rs. 49518 per 10 grams by noon session supported by sharp rupee depreciation.

Gold prices traded marginal down on risk on sentiments on strong economic data from US. The stronger than expected US manufacturing PMI pressured bullion prices with gold falling from five month highs. The dollar index was trading 0.25% higher during the day.

We expect gold prices to trade sideways to down for the day with COMEX gold support at $1880 and resistance at $1920 per ounce. MCX Gold August support lies at Rs. 49200 and resistance at Rs. 49800 per 10 gram.

Source : Equity Bulls

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