Gold - July 27, 2020 Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices rallied to the highest since 2011 with COMEX spot gold prices hit the record high crossing previous high of $1920. Gold prices at MCX for August contract were trading up by nearly 2% to Rs. 52000 reflecting rally in global prices.

Gold prices extended gains on Monday, traded at $1940 on a weaker dollar index amid fall in real rates in the US. The expectation of near to zero interest rates for the longer term and expansion of the FED balance sheet will support gold prices to trade higher. The risk premium was high in gold prices due to political tension between the US and China.

We expect gold prices to trade up with resistance at $1960 and support at $1920. MCX Gold August has important resistance at Rs. 52400 support at Rs. 51700.

Shares of 20 MICRONS LTD. was last trading in BSE at Rs.30.2 as compared to the previous close of Rs. 31.25. The total number of shares traded during the day was 13402 in over 259 trades.

The stock hit an intraday high of Rs. 31 and intraday low of 29.2. The net turnover during the day was Rs. 398860.

Source : Equity Bulls

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