Gold - June 12, 2020 - Mr. Tapan Patel - Senior Analyst, Commodities - HDFC securities

Gold prices traded positive on Friday with international spot gold prices traded above $1735 after correcting from recent highs.

Gold futures at MCX for August traded down by Rs.182 to Rs. 47231 reflecting correction in international gold prices. The weaker rupee kept downside limited in gold prices in India which was trading around 10 paisa weaker against the dollar for the day.

Gold prices traded higher on safe haven buying on weak global cues. The equity indices witnessed sell off on Thursday in fear of a second wave of virus infections in the US. Earlier, Gold prices rallied on safe haven buying after US FED in its economic outlook signalled slower economic recovery with GDP contracting by 6.5% in 2020.

We expect gold prices to trade sideways to up with MCX Gold August support at Rs. 46800, resistance at Rs. 47600.

Source : Equity Bulls

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