Gold - March 2, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded lower with COMEX spot gold prices were trading near $1720 per ounce on Tuesday. Gold April future contract at MCX were trading near Rs. 45242 per 10 grams by noon session.

Gold prices traded under pressure on dollar rally and positive US manufacturing data which boosted risk on sentiment. The optimism over US economic recovery has dampened investment demand for precious metals. The yellow metal halted decline on fresh warning of rising cases in Europe.

We expect gold prices to trade sideways to down for the day with COMEX spot gold support lies at $1690 and resistance at $1730. MCX Gold April support lies at Rs. 44900 and resistance lies at Rs. 45500.

Source : Equity Bulls

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