Gold - July 9, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Gold prices traded higher on Thursday with international spot gold prices extended the gains to $1814 levels to the highest levels since 2011. Gold futures at MCX for August gained by Rs.139 to Rs. 49298 with rally in COMEX gold.

Gold prices rose on heightened risk sentiments on record virus cases after Johns Hopkins University data showed the number of global cases topped 12 million as of July 9. Investors remained cautious despite a rally in equity markets after China and Australia re-impose lockdown measures in some of the regions to constrain virus infection.

We expect gold prices to trade up with MCX Gold August support at Rs. 49100, resistance at Rs. 49500.

Source : Equity Bulls

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