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

Gold prices traded positive on Monday with international spot gold prices traded near $1778 holding the ground above $1770. Gold futures at MCX for August traded up by Rs.14 to Rs. 48060 supported by correction in rupee against the dollar and firm international gold prices.

Gold prices continued upside on Monday on heightened risk sentiments with record rise in virus cases across the world. Gold imports from India declined for the third straight month with June imports coming at 13.2 tonnes against 55.7 tonnes a year earlier. The nationwide lockdown due to COVID19 pandemic has curtailed the physical demand for gold in the spot market.

We expect gold prices to trade sideways to up with MCX Gold August support at Rs. 47800 , resistance at Rs. 48300.

Source : Equity Bulls

Keywords