Gold - Sep 4, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Gold prices traded steady with COMEX spot gold prices hovered near $1935 on Friday. Gold October future contract at MCX traded marginally up to Rs. 50769 as the stronger rupee kept upside limited for the day as spot rupee appreciated by 37 paisa against the dollar for the day.

Gold prices halted the selling spree on Friday with sell off on equity markets. The dollar index also traded under pressure on economic growth worries which supported gold prices to trade firm.

We expect gold prices to trade sideways to down with support at $1900 and resistance at $1960. MCX Gold October support at Rs. 50500, resistance lies at Rs. 51200.

Source : Equity Bulls

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