Gold - Aug 5, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices were trading near $1810 per ounce on Thursday. Gold October future contract at MCX were trading marginal down near at Rs. 47822 per 10 grams by noon session.

Gold prices witnessed sharp selling on FED comments despite of weak job market data and fall in bond yields. The Fed Vice Chair Richard Clarida said conditions for an interest rate hike could be met in late 2022, setting the stage for a move in early 2023. The dollar index rallied pushing gold prices lower on signals of early FED tapering.

We expect gold prices to trade sideways to up with COMEX spot gold resistance at $1820 and support at $1805 per ounce. MCX Gold October support lies at Rs. 47600 and resistance at Rs.48100 per 10 gram.

Source : Equity Bulls

Keywords