Gold - May 7, 2020 - HDFC Securities

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

Gold prices traded positive on Thursday with international spot gold prices recovered to $1694 making lows near $1681.

Gold futures at MCX for June contract witnessed buying from weaker rupee against the dollar and positive global gold prices. Prices rose by Rs. 134 to Rs. 45505 by the noon session.

Gold prices pared precious losses on worried over global economic recovery on weak data from US and China. The US private payrolls declined by 20.23 million in April 2020. The China Caixin services PMI reading reported contraction at 44.4 for the month of April.

We expect prices to trade sideways to up for the day with MCX Gold June support at Rs. 45300, resistance at Rs. 45800.

Source : Equity Bulls

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