Gold - Feb 17, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded lower with COMEX spot gold prices were trading near $1788 per ounce on Wednesday. Gold April future contract at MCX were trading down at Rs. 46592 per 10 grams by noon session.

Gold prices witnessed selloff with rise in bond yields as vaccine rollouts effect boosted economic growth optimisms. The dollar index was trading around 0.27% higher in noon session. The risk on sentiments drove investors out of precious metals. The ETF gold holdings at SPDR gold share fell to 1136.68 tonnes from 1142 tonnes.

We expect gold prices to trade lower with COMEX spot gold support lies at $1760 and resistance at $1800. MCX Gold April support lies at Rs. 46200 and resistance lies at Rs. 46800.

Source : Equity Bulls

Keywords