Gold - March 3, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded lower with COMEX spot gold prices were trading near $1728 per ounce on Wednesday. Gold April future contract at MCX were trading 0.81% down at Rs. 45195 per 10 grams by noon session.

Gold prices traded weak on Wednesday despite of fall in US bond yields. The 10 year treasury yields fell for the fourth day providing some support to precious metals. The dollar index was trading firm limiting upside in yellow metal.

We expect gold prices to trade sideways to down for the day with COMEX spot gold support lies at $1710 and resistance at $1740. MCX Gold April support lies at Rs. 44900 and resistance lies at Rs. 45500.

Source : Equity Bulls

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