Gold - May 18, 2020 - HDFC Securities

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

Gold prices rallied for the fifth consecutive day with international spot gold prices rallied to $1760 on Monday to the highest levels since October 2012.

Gold futures at MCX for June rallied by Rs. 457 to Rs. 47838 supported by strong international gold prices and weaker rupee which depreciated by 33 paisa against the dollar during the day.

Gold prices continued to rally on safe haven buying on economic growth concerns and tensions between US and China. The weak economic data from US and FED's warning of dip in the GDP numbers spurred buying in precious metals.

The global gold ETF holdings are soaring to the record with SPDR holdings rose to 1113.78 tonnes.

We expect prices to trade up with MCX Gold June support at Rs. 47300 , resistance at Rs. 48200.

Source : Equity Bulls

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