Gold - June 22, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded strong on Monday with international spot gold prices traded near $1747 after rallying above $1750 in the morning trade.

Gold futures at MCX for August traded up by Rs.19 to Rs. 47956 limiting upside with correction in global gold prices and stronger rupee. The rupee appreciated by around 17 paisa against the dollar during the day with inflows into the equity market.

Gold prices continued upside on Monday on heightened risk sentiments with record rise in virus cases across the world. The warning from the other Fed official also supported Gold prices to trade higher after they signalled longer than expected time for economic recovery.

We expect gold prices to trade higher with MCX Gold August support at Rs. 47600, resistance at Rs. 48200.

Source : Equity Bulls

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