Gold - Sep 7, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded steady with COMEX spot gold prices hovered near $1932 on Monday. Gold October future contract at MCX traded marginal up to Rs. 50839 as weaker rupee capped downside limited for the day as spot rupee depreciated by 22 paisa against the dollar for the day.

Gold prices traded in a narrow trading range on mixed global cues over US stimulus hopes and weak Chinese data. Gold prices may see range bound trading for the day on account of US Labour Market Holiday. We expect gold prices to trade sideways 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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