Gold - Oct 4, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices were trading 0.55% down to $1751 per ounce on Monday. Gold December future contract at MCX were trading 0.16% weak at Rs. 46428 per 10 grams by noon session.

Gold prices recovery form recent lows supported by fall in US bond yields and inflation worries. The rising gas and coal prices have raised concerns over rising input costs for manufacturers across globe ahead of winter season. The US 10 year treasury yields were trading near 1.46% after rising to 1.53% during the previous week.

We expect gold prices to trade sideways to down 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.

Source : Equity Bulls

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