Gold - August 7, 2020 Mr. Tapan Patel - Senior Analyst - Commodities, HDFC securities

Gold prices rallied to new record high with COMEX spot gold prices traded near $2061 hitting all-time highs at $2075 on Friday. Gold October future contracts at MCX were marginal up to Rs. 55894 by noon session.

Gold prices got another boost from falling bond yields and continuous decline in dollar which has shifted investors towards more promising assets. The uncertainty over the coronavirus relief package and US - China tensions has kept risk premium high in Gold prices.

We expect gold prices to trade firm with resistance at $2100 and support at $2040. MCX Gold October has important resistance at Rs. 56200 support at Rs. 55400.

Source : Equity Bulls

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