Gold - June 21, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading around 1% up near $1782 per ounce on Monday. Gold August future contract at MCX were trading up by 0.62% at Rs. 47020 per 10 grams by noon session.

Gold prices witnessed recovery on Monday after reporting the worst weekly decline in 15 months. The yellow metal was supported by fall in US treasury yields despite of firm dollar. The 10 year US treasury yields fell to 1.43% to the lowest since 3rd March 2021. Earlier, Gold prices fell after US FED hinted hawkish stance by 2023 which boosted buying in dollar.

We expect gold prices to trade sideways to up for the day with COMEX gold support at $1760 and resistance at $1800 per ounce. MCX Gold August support lies at Rs. 46700 and resistance at Rs.47300 per 10 gram.

Source : Equity Bulls

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