Gold - June 8, 2020 - HDFC Securities

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

Gold prices traded higher on Monday with international spot gold prices recovered to $1694 witnessing short recovery for the day.

Gold futures at MCX for August traded higher by Rs. 275 to Rs. 45973 with positive international gold prices while spot rupee traded flat for the day.

Gold prices witnessed short recovery on Monday paring some losses of Friday evening session. Gold prices gained as investors turned cautious towards US China trade tensions and slower economic recovery.

Earlier, Gold prices fell below $1670 on Friday on better than expected US Job market data where non-farm payroll rose by 2.5 million against expectations of decline of 8 million. The US Unemployment rate for May came at 13.3% vs April's 14.7%.

We expect gold prices to trade sideways to up with MCX Gold August support at Rs. 45700, resistance at Rs. 46400.

Source : Equity Bulls

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