Gold - June 19, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices extended gains on Friday with international spot gold prices rose to $1729 for the day.

Gold futures at MCX for August traded marginally up to Rs. 47360 witnessing range bound trading.

Gold prices traded firm on Friday with growing worries over rise in virus cases in Beijing and US while tensions between US and China also added fuel to the rally. The strength in the dollar index kept upside limited in gold prices during the day. The US President Donald Trump signalled the possibilities of cutting ties with China after Secretary Mike Pompeo's meeting with Chinese counterparts.

We expect gold prices to trade sideways to up with MCX Gold August support at Rs. 47000 , resistance at Rs. 47600.

Source : Equity Bulls

Keywords