Gold - June 18, 2020 - HDFC Securities

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

Gold prices traded strong on Thursday with international spot gold prices rose to $1730 for the day.

Gold futures at MCX for August traded marginally up by Rs.37 to Rs. 47375 after gaining on Wednesday.

Gold prices witnessed recovery on Wednesday evening after the US Fed chairman reiterated the slower economic growth due to the virus effect. The rising virus cases in Beijing and the US have supported gold prices to add gains on fear of stalled economic activities. Gold prices kept upside limited on Thursday amid weaker dollar against the peer currencies.

We expect gold prices to trade sideways to up with MCX Gold August support at Rs. 46900, resistance at Rs. 47600.

Source : Equity Bulls

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