Gold - June 5, 2020 - HDFC Securities

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

Gold prices traded marginal down on Friday with international spot gold prices kept the lower trading range near $1709 for the day.

Gold futures at MCX for August traded lower by Rs. 214 to Rs. 46482 on weak global prices limiting downside on weaker rupee.

Gold prices are trading under pressure on strong equity indices over optimism over economic recovery. Gold prices also traded down after the European Central Bank announced an increase in the size of its Pandemic Emergency Purchase Program (PEPP) from EUR 750 billion to EUR 1.35 trillion.

We expect gold prices to trade sideways to down with MCX Gold August support at Rs. 45900, resistance at Rs. 46600.

Source : Equity Bulls

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