Gold - July 30, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading near $1829 per ounce on Friday. Gold October future contract at MCX were trading flat near at Rs. 48370 per 10 grams by noon session.

Gold prices witnessed strong buying following selling in dollar post FOMC meeting. The US FED Chairman refrain from giving any hint on FED tapering in near term and said the rate hike is far away. The dollar index fell to four weeks low which boosted buying in the yellow metal. Gold prices also got support from weak equity indices on Friday.

We expect gold prices to trade up with COMEX spot gold resistance at $1833/$1840 and support at $1820 per ounce. MCX Gold October support lies at Rs. 48000 and resistance at Rs.48600 per 10 gram.

Source : Equity Bulls

Keywords