Gold - May 29, 2020 - HDFC Securities

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

Gold prices traded positive on Friday with international spot gold prices held the upper trading range above $1720 trading at $1723.

Gold futures at MCX for August rose by Rs. 227 to Rs. 46720 with strong global gold prices despite of stronger rupee which appreciated by 15 paisa against the dollar during the day.

Gold traded higher on safe haven demand with investors being cautious over heightened tensions between US and China. The disappointed US Job market numbers also supported gold prices to trade firm with economic growth concerns and fall in equity indices.

The US president is expected to respond tonight at press conference on China's New National Security Law. China has warned of counter retaliation over any new sanctions or measures.

We expect gold prices to trade sideways to up with MCX Gold August support at Rs. 46400 , resistance at Rs. 47000.

Source : Equity Bulls

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