Gold prices traded weak with COMEX spot gold prices were trading 0.17% down to $1732 per ounce on Friday. Gold December future contract at MCX were trading 0.21% higher at Rs. 46424 per 10 grams by noon session.
Gold prices have capped upside today on stronger dollar after gaining in previous trading session. Gold prices witnessed strong rebound on Thursday on inflation worries despite of firm US bond yields. The rising oil prices along with power shortage may result into higher input costs hurting economic recovery.
We expect gold prices to trade sideways to up with COMEX spot gold resistance at $1770 and support at $1740 per ounce. MCX Gold December support lies at Rs. 46200 and resistance at Rs.46700 per 10 gram.