Gold - June 7, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices were trading at $1883 per ounce on Monday. Gold August future contract at MCX were trading marginal down at Rs. 48840 per 10 grams by noon session.

Gold prices declined on Monday pressured by stronger dollar and FED policy change concerns. The stronger US data has raised expectations of policy tightening from US. The comments from US Treasury secretary Jennet Yellen to push $4 trillion spending plan may support bullion prices to trade firm with inflation worries.

We expect gold prices to trade sideways to down for the day with COMEX gold support at $1870 and resistance at $1900 per ounce. MCX Gold August support lies at Rs. 48600 and resistance at Rs.49100 per 10 gram.

Source : Equity Bulls

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