Gold - Aug 9, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded lower with COMEX spot gold prices traded near $1749 per ounce on Monday. Gold October future contract at MCX were trading down by 0.79% near at Rs. 46271 per 10 grams by noon session.

Gold prices extended decline following the selloff occurred on Friday after stronger than expected US Job market report. The improved job numbers raised market expectations of sooner FED tapering despite of FED's cautious approach. The dollar index rallied which dampened demand for precious metals.

We expect gold prices to trade sideways to down with COMEX spot gold resistance at $1760 and support at $1670 per ounce. MCX Gold October support lies at Rs. 45900 and resistance at Rs.46600 per 10 gram.

Source : Equity Bulls

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