Gold - Sep 1, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices were trading 0.16% down to $1811 per ounce on Wednesday. Gold October future contract at MCX were trading marginal down at Rs. 47091 per 10 grams by noon session limiting downside on rupee depreciation.

Gold prices kept range bound trading off the recent highs on stronger dollar and positive equity indices. The dollar index was trading 0.06% up in the morning trade. The traders and investors are eyeing for key US Job market data this week which may indicate FED's mood over asset tapering.

We expect gold prices to trade sideways to up with COMEX spot gold resistance at $1833 and support at $1795 per ounce. MCX Gold October support lies at Rs. 46800 and resistance at Rs.47400 per 10 gram.

Source : Equity Bulls

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