Gold - July 15, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading up near $1831 per ounce on Thursday. Gold August future contract at MCX were 0.34% up at Rs. 48461 per 10 grams by noon session.

Gold prices extended gains hovering above $1830 supported by weaker dollar and fall in US treasury yields. US 10 year treasury yields fell to 1.32% boosting buying in the yellow metal. The US FED chairman, on the first day of his testimony said that higher inflation will eventually moderate which eased worries of unwinding of stimulus.

We expect gold prices to trade sideways to up for the day with COMEX gold support at $1810 and resistance at $1840 per ounce. MCX Gold August support lies at Rs. 48100 and resistance at Rs.48800 per 10 gram.

Source : Equity Bulls

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