Gold - June 3, 2020 - HDFC Securities

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

Gold prices traded lower on Wednesday with international spot gold prices fell below $1720 trading at $1717 for the day.

Gold futures at MCX for August traded down by Rs. 98 to Rs. 46460 with weak global gold prices limiting downside on weaker rupee which depreciated by 10 paisa against the dollar during the day.

Gold prices witnessed selling strong equity indices as investors blind eyes the current US-China tensions and public protest in US over economic recovery hopes.

We expect gold prices to trade sideways to down with MCX Gold August support at Rs. 46200, resistance at Rs. 46700.

Source : Equity Bulls

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