Gold - March 5, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded lower with COMEX spot gold prices were trading near $1695 per ounce on Friday. Gold April future contract at MCX were trading over half a percent down at Rs. 44275 per 10 grams by noon session.

Gold prices extended downside on Friday with rally in US treasury yields and fall in equity indices after US FED Chairman signalled upward push in inflation. The 10 year US treasury yields rose to 1.60% while dollar index was trading up by 0.30% by noon session. The investors and traders switched to dollar as the best alternative of gold.

We expect gold prices to trade down for the day with COMEX spot gold support lies at $1680 and resistance at $1710. MCX Gold April support lies at Rs. 44000 and resistance lies at Rs. 44500.

Source : Equity Bulls

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