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

Gold prices traded firm with COMEX spot gold prices were trading near $1778 per ounce on Friday. Gold August future contract at MCX were trading over half a percent up at Rs. 47334 per 10 grams by noon session supported by sharp rupee depreciation.

Gold prices traded firm after weaker than expected US manufacturing PMI and another stimulus approval. The US house approved a $715 billion surface transportation and water infrastructure bill on Thursday. The market players are awaiting key US employment data in the evening session today.

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. 46900 and resistance at Rs.47600 per 10 gram.

Source : Equity Bulls

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