Gold - June 2, 2020 - HDFC Securities

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

Gold prices traded marginal down on Tuesday with international spot gold prices hovered near $1738 for the day.

Gold futures at MCX for August traded down by Rs. 170 to Rs. 46968 with weak global gold prices and stronger rupee which appreciated by 19 paisa against the dollar during the day.

Gold prices witnessed range bound trading on Tuesday over strong equity indices as easing lockdown measures increases investors appetite for riskier assets.

The violent public protest in several US cities and tensions between US and China are the developing story which may keep down side limited in gold prices.

We expect gold prices to trade sideways to down with MCX Gold August support at Rs. 46600, resistance at Rs. 47350.

Source : Equity Bulls

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