Gold - Aug 3, 2020 - Mr. Tapan Patel - Senior Analyst - Commodities, HDFC securities

Gold prices traded steady on Monday with COMEX spot gold prices hovered near $1973. Gold October future contracts at MCX were trading marginally up to Rs. 53535 on weaker rupee and strong international gold prices.

The concerns over slower economic growth and lower rates supported bullion prices to trade higher. The dollar index fell to 93 which also boosted the appetite to buy precious metals. The uncertainty over aid package will keep risk premium high in bullion prices for the day.

We expect gold prices to trade firm with resistance at $2000 and support at $1955. MCX Gold October has important resistance at Rs. 53800 support at Rs. 53200.

Source : Equity Bulls

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