Gold - Feb 25, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded lower with COMEX spot gold prices were trading down by 0.83% to $1790 per ounce on Thursday. Gold April future contract at MCX were trading down at Rs. 46370 per 10 grams by noon session limiting downside on rupee depreciation.

Gold prices traded under pressure with rise in US bond yields despite of weaker dollar on strong equity indices. The strong equity indices on economic growth optimism pushed bullion prices down for the day.

We expect gold prices to trade sideways to down with COMEX spot gold support lies at $1780 and resistance at $1810. MCX Gold April support lies at Rs. 46100 and resistance lies at Rs. 46600.

Source : Equity Bulls

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