Gold - May 20, 2020 - HDFC Securities

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

Gold prices traded higher on Wednesday with international spot gold prices rallied to $1749 witnessing overnight recovery.

Gold futures at MCX for June traded higher to Rs. 47250 supported by weaker rupee which depreciated by around 15 paisa against the dollar during the day.

Gold prices continued upside on gloomy economic outlook and US - China trade tensions. Gold prices traded higher after the IMF head said that world may take much longer time to recover from the shock of virus effect.

We expect prices to trade sideways to up with MCX Gold June support at Rs. 46800, resistance at Rs. 47500.

Source : Equity Bulls

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