Gold - June 25, 2020 - HDFC Securities

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

Gold prices managed to trade positive on Thursday with international spot gold prices traded near $1767 after falling to $1760 on Wednesday.

Gold futures at MCX for August were trading down by Rs.60 to Rs. 48074 pressured by stronger rupee which was appreciated by around 8 paisa against the dollar during the day.

Gold prices witnessed correction from eight years high with rise in dollar index. The dollar index gained on worries over economic recovery over rising virus cases and extended stimulus. Gold prices managed to gain on Thursday on weak equity indices while stronger dollar index capped upside limited in the prices.

We expect gold prices to trade higher with MCX Gold August support at Rs. 47900, resistance at Rs. 48500.

Source : Equity Bulls

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