Gold - July 2, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Gold prices halted gains on Thursday with international spot gold prices traded below $1770 witnessing correction with risk on sentiments.

Gold futures at MCX for August fell half a percent to Rs. 48045 reflecting overnight selling in global gold prices.

Gold prices witnessed selling on reports of successful human trials of new vaccine which boosted investment sentiments for riskier assets. The rising virus cases may keep down side limited in gold prices as fear of a second wave of virus infections may re-impose lockdown measures in few countries.

We expect gold prices to trade sideways to down with MCX Gold August support at Rs. 47800, resistance at Rs. 48400.

Source : Equity Bulls

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