Gold - May 13, 2020 - HDFC Securities

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

Gold prices traded steady on Wednesday with international spot gold prices held above $1700 keeping the narrow trading range.

Gold futures at MCX for June traded marginal up by by Rs. 15 to Rs. 45640 on steady global prices and rupee appreciation.

Gold prices witnessed range bound trading awaiting fresh cues with growing worries over second wave of coronavirus infections in China and South Korea.

The investors are awaiting any important announcement from US FED chair Jerome Powell where he may signal negative interest rates.

We expect prices to trade sideways in current range for the day with MCX Gold June support at Rs. 45500, resistance at Rs. 45800.

Source : Equity Bulls

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