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

Gold prices traded lower with COMEX spot gold prices were trading marginal down near $1810 per ounce on Thursday. Gold August future contract at MCX were trading marginal up at Rs. 48519 per 10 grams by noon session.

Gold prices traded under pressure witnessing overnight selling post FED comments. The US FED kept monetary policy unchanged while hinted two rate hikes by 2023. The hawkish stance pushed dollar higher against major currencies triggering selling in gold prices. The stronger dollar may continue to pressure gold prices dampening safe haven demand for short term.

We expect gold prices to trade sideways to down for the day with COMEX gold support at $1780 and resistance at $1840 per ounce. MCX Gold August support lies at Rs. 47200 and resistance at Rs.47800 per 10 gram.

Source : Equity Bulls

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