Gold - May 6, 2020 - HDFC Securities

Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices kept the steady trading range with international spot gold prices traded near $1702 on Wednesday.

Gold futures at MCX for June contract gained by Rs. 37 to Rs. 45788 supported rupee depreciation against dollar.

Gold prices weighed on ease in lockdown from several countries and heightened tensions between US and China.

Gold prices are trading firm as US FED warned of slower economic growth and US - China tension after US President Trump pressured China for answers for COVID19 pandemic.

We expect prices to trade sideways to up for the day with MCX Gold June support at Rs. 45600, resistance at Rs. 46000.

Source : Equity Bulls

Keywords